CBO Reports the Final “One Big, Beautiful Bill” Tally Will Add $3.4 Trillion to Deficits Over 10 Years
WASHINGTON, D.C. – Today, U.S. Senator Jeff Merkley (D-OR), Ranking Member of the Senate Budget Committee, released the below statement following analysis from the nonpartisan Congressional Budget Office (CBO) showing that the final version of the “One Big, Beautiful Bill” that was signed into law will increase the debt by $3.4 trillion over the next 10 years, not including the increased interest costs of servicing the larger debt.
“This law is devastating for our national debt and our country’s economic forecast. Congressional Republicans, who call themselves fiscally conservative, rammed a bill through Congress on a partisan vote to drive our country further into debt – to the tune of $3.4 trillion – kick more than 15 million people off of their health insurance, and make it harder for working families to put food on the table – all to ensure their billionaire buddies can benefit from generous tax giveaways,” said Ranking Member Jeff Merkley.
“As Ranking Member of the Senate Budget Committee, I will continue to look for ways to work in a bipartisan fashion to address our nation’s crippling debt and ensure future generations are not left with this out-of-control burden.”
The new cost estimate also includes CBO’s assessment that the Republicans’ bill will result in 10 million fewer people with health insurance after 10 years. Coupled with Republican plans not to renew the enhanced subsidies under the Affordable Care Act, and Trump Administration rules adding red tape for Americans accessing health insurance coverage through the Affordable Care Act Marketplace, that number grows to more than 15 million.
In September, CBO will present additional analysis of the bill to further demonstrate how damaging the Republicans’ legislation will be to working- and middle-class families.
To see the full estimate, click HERE.
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