The White House launched a new website tabulating how much the "big, beautiful bill" is anticipated to save Americans. A public policy group estimates the bill would increase the debt by trillions of dollars, based on estimates by the Congressional Budget Office. (White House)
"Based on CBO’s estimate, the House-passed bill includes roughly $5.3 trillion of tax cuts and spending partially offset by $2.9 trillion of revenue increases and spending cuts," a CRFB statement said. "Most significantly, the policies put forward by the Ways & Means Committee would increase deficits by $3.8 trillion, on net, while the policies in the Energy & Commerce title would reduce deficits by $1.1 trillion. With interest, the bill would add nearly $3.0 trillion to the debt through 2034 – or $5.0 trillion if various temporary provisions are made permanent."
"OBBBA (One Big Beautiful Bill Act) would add far too much to the debt as written and could lead to far more fiscal damage than reported if temporary provisions are extended as intended," the group said.
It noted that the bill would boost near-term inflation, increase interest rates, add unnecessary complexity to the tax code as well as weaken market confidence and slow long-term economic growth.
It urged the Senate to make the bill "more responsible."
PRICE TAG ESTIMATE FOR HOUSE GOP TAX PACKAGE RISES TO $3.94T
Sen. Rand Paul, R-Ky., on Monday said he is still opposed to President Donald Trump's "big, beautiful bill" despite discussions with him. (Getty Images)
Despite the bill passing in the House, some lawmakers have voiced opposition to the legislation, most notably Sen. Rand Paul, R-Ky.
"We have never raised the debt ceiling without actually meeting that target," Paul told reporters this week. "So you can say it doesn't directly add to the debt, but if you increase the ceiling $5 trillion, you'll meet that. And what it does is it puts it off the back burner. And then we won't discuss it for a year or two."
CLICK HERE TO GET THE FOX NEWS APP
Top Democrats recently said the bill would cause the deaths of an estimated 51,000 Americans due to changes to the federal healthcare system and the broader reconciliation legislation. Also against the bill is Elon Musk, Trump's former head of the Department of Government Efficiency.
Fox News Digital has reached out to the White House.
Louis Casiano is a reporter for Fox News Digital. Story tips can be sent to louis.casiano@fox.com.
https://www.foxnews.com/politics/senate-weighs-trumps-big-beautiful-bill-cbo-projects-3-trillion-debt-increase