Trump's big bill will cut taxes by $3.7T and add $2.4T to deficit, budget office says

[benpollard]

4. In 10 years, our federal debt will be over $62T!!!

Current National Debt: As of May/June 2025, the U.S. national debt is approximately $36.2 trillion.

CBO Baseline Debt Increase (without new major legislation): The Congressional Budget Office (CBO), in its January/March 2025 outlooks, projects that even under current law (meaning if no new major spending or tax legislation is passed, and assuming the 2017 tax cuts mostly expire as scheduled), the federal debt held by the public will increase significantly.

One CBO report states that debt held by the public is projected to rise from $29 trillion today (which is a slightly older figure, but directionally correct for their baseline start) to $52 trillion by 2035. This is an increase of approximately $23 trillion in the baseline.
Another report indicates an increase of roughly $22 trillion to $52.1 trillion by FY2035.
Additional Debt from "Trump's Bill" (e.g., extending TCJA): As we discussed, if a bill like the full extension of the 2017 Tax Cuts and Jobs Act (TCJA) provisions were passed, CBO projects it would add an additional $4.5 trillion to the deficit (and thus the debt) over 10 years, including interest costs.

Putting it Together:

If you take the current debt and add the projected baseline increase, plus the impact of a significant new bill like the TCJA extension:

Current Debt: ~$36.2 trillion
Baseline Increase (approx.): ~$22 - $23 trillion (reaching ~$52 trillion by 2035)
Additional Increase from Bill (e.g., TCJA extension): ~$4.5 trillion
This would lead to a total projected national debt of:
36.2 Trillion (current)+approximately $22 Trillion (baseline increase)+$4.5 Trillion (bill’s impact)=approximately $62.7 Trillion

Holy crap! We won't be able to pay interest on such a huge debt!