The Congressional Budget Office (CBO) informed Senate Budget Committee ranking member Jeff Merkley (D-Ore.) in a letter Monday that the One Big Beautiful Bill Act, President Trump's signature domestic policy accomplishment, would add $5 trillion to the deficit over the next decade if its temporary tax relief provisions are extended for a full 10 years.
Interest rates will be higher over the next decade because of the GOP's megabill and drive up borrowing costs even for the federal government, Congress' nonpartisan scorekeeper predicted in a new report. The federal deficit will also increase by $4.1 trillion over a decade, according to the report.
-- Politico (@politico.com) Aug 4, 2025 at 2:48 PM
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