WORLD
Republicans push Trump’s tax bill as CBO estimates spurt in federal debt
- IBJ Bureau
- Jun 30, 2025
Senate Republicans pushed forward President Donald Trump's sweeping tax cut and spending bill on Sunday in a marathon weekend session. However, a non-partisan forecaster said that it would add an estimated $3.3 trillion to the nation’s debt over a decade.
The estimate by the Congressional Budget Office (CBO’s) of the bill’s hit to the $36.2-trillion federal debt is about $800 billion more than the version passed last month in the House of Representatives.
Republicans, who have long voiced concern about growing US deficits and debt, have rejected the CBO’s longstanding methodology to calculate the cost of legislation.
Democrats, meanwhile, hope that the latest, eye-widening figure could stoke enough anxiety among fiscally-minded conservatives to get them to buck their party, which controls both chambers of the Congress.
“Republicans are doing something the Senate has never, never done before, deploying fake math and accounting gimmicks to hide the true cost of the bill,” Democratic Senate Minority Leader Chuck Schumer said as debate opened on Sunday. “Republicans are about to pass the single-most expensive bill in US history, to give tax breaks to billionaires while taking away Medicaid, SNAP benefits and good-paying jobs for millions of people."
The Senate only narrowly advanced the tax-cut, immigration, border and military spending bill in a procedural vote late on Saturday, voting 51-49 to open debate on the 940-page megabill.
Mr Trump on social media hailed Saturday’s vote as a “great victory” for his “great, big, beautiful bill”. In a separate post on Sunday, he said: “We will make it all up, times 10, with GROWTH, more than ever before.”
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