The bill, supported by Republicans and associated with Trump, significantly extends tax cuts for the wealthy and corporations, while making deep cuts to social safety net programs like Medicaid, food stamps, and student loans. It also reverses many clean energy incentives and allocates substantial funds to immigration enforcement and military projects, ultimately adding at least $3 trillion to the national debt.
The recent Republican bill in the Senate, one of the most expensive in decades, extends and introduces tax cuts that could add over $3.3 trillion to the national debt over ten years, risking a fiscal crisis and complicating future social programs like Social Security, while marking a significant shift in U.S. fiscal policy with minimal bipartisan support.
U.S. Senate Republicans introduced a comprehensive tax-cut and spending bill aimed at extending Trump's 2017 tax cuts, increasing military and border security spending, and raising the debt ceiling, with a vote expected soon amid partisan debates and concerns over the bill's impact on the deficit and social programs.
The Congressional Budget Office revised its estimate, indicating that President Trump's tax-cut and spending bill will add approximately $2.4 trillion to the U.S. national debt, less than the earlier forecast of $3.8 trillion, amid ongoing debates within Congress and criticism from figures like Elon Musk.
