Trump Tax Law to Add $3.4 Trillion to US Deficits, CBO Says

[lostincalifornia]

&quot Bloomberg) -- President Donald Trump’s recently enacted tax and spending law will add $3.4 trillion to US deficits over a decade and leave millions without health care coverage, according to a new estimate from the nonpartisan Congressional Budget Office.

The CBO score for the law, released Monday, reflects a $4.5 trillion decrease in revenues and a $1.1 trillion decline in spending through 2034, relative to a current-law baseline. The new analysis doesn’t incorporate so-called dynamic effects, such as the impact on growth or interest rates over time that the legislation’s measures might have.

Trump signed the “One Big Beautiful Bill” into law on July 4 after months of negotiations with congressional Republicans. Encompassing much of Trump’s economic agenda, it permanently extends his 2017 income-tax cuts and some breaks for businesses, lifts the cap on federal deductions for state and local taxes and eliminates taxes on tips and overtime on a temporary basis, among other provisions.

https://finance.yahoo.com/news/trump-tax-law-add-3-185551565.html

and Howard Lutnick can push whatever bullshit he wants, knowing full well that our press won't hold them accountable.

[surfered]

1. The bill authorized raising the debt ceiling $5 trillion

The difference is mostly travel for Trump’s golf outings and providing security at his residences.