WASHINGTON, June 4 (Reuters) – The nonpartisan Congressional Budget Office on Wednesday lowered its estimate of how much President Donald Trump’s tax-cut and spending bill will add to the national debt, saying it would add about $2.4 trillion to the $36.2 trillion pile.
Its assessment comes a day after key Trump ally Elon Musk blasted the bill as a “disgusting abomination,” giving fresh support to Republican deficit hawks who have been pushing back against the measure.
An earlier CBO estimate predicted the Republican bill, which passed on May 22 with no Democratic support, would add around $3.8 trillion to Washington’s debt over the next decade.
The House-passed bill would reduce the federal government’s revenues by $3.67 trillion over a decade, the CBO forecasted, while reducing spending by $1.25 trillion.
The number of people in the United States without health insurance would increase by 10.9 million by 2034 due to policy changes in the House bill, the CBO said. Of that number, an estimated 1.4 million people would be undocumented immigrants who no longer would be covered in programs funded by the states.
