GOP bill for Trump's agenda would add $2.4 trillion to the debt, budget office says

The GOP bill for Trump's agenda, known as the "Big Beautiful Bill," is projected to add $2.4 trillion to the federal debt, according to the Congressional Budget Office (CBO). This estimate highlights the significant fiscal impact of the bill, which includes retroactive research breaks and other provisions that favor corporations and the wealthiest Americans. 1. **Retroactive Research Breaks and Corporate Benefits**: - The bill offers $67 billion in retroactive research breaks, significantly benefiting large corporations. - This corporate giveaway is five times larger than the funding allocated for child care, which is currently underfunded. 2. **Deficit and Spending Projections**: - The CBO has estimated that the bill would increase the federal deficit by $3.8 trillion. - It would reduce Medicaid subsidies by $698 billion and cut $267 billion from the Supplemental Nutrition Assistance Program (SNAP). 3. **Economic Concerns and Political Reactions**: - Economists have expressed concerns that the bill would lead to a ballooning federal deficit and worsen the economic outlook. - The bill has faced opposition from both Democrats and some Republicans, with critics arguing that it favors the wealthy at the expense of critical social programs. 4. **Impact on Fiscal Stability**: - The projected deficit increase and spending cuts in key programs like Medicaid and SNAP raise serious questions about the bill's long-term economic viability. - The CBO's warning about rising deficits and potential cuts to critical assistance programs underscores the need for careful fiscal management. In summary, the GOP bill for Trump's agenda, while offering significant corporate benefits, is expected to result in a $2.4 trillion increase in the federal debt and strain key social welfare programs. This underscores the need for a more balanced approach to fiscal policy that prioritizes long-term economic stability and social equity.