'Big, beautiful bill' to add $2.4 trillion to deficit over 10 years: CBO

The Congressional Budget Office (CBO) has estimated that President Donald Trump's "big, beautiful bill" would add $2.4 trillion to the annual deficit over 10 years.

While Republicans have sought to cut spending by at least $1.5 trillion over 10 years, that goal falls well short of the $2 trillion in one year needed to balance the budget. With Trump's planned tax cuts, moreover, the CBO estimated a $3.6 trillion revenue drop over 10 years that would further contribute to the nation's financial woes, The Hill reported.

The estimate is sure to provide ammunition to budget hawks, such as Sen. Rand Paul, R-Ky., who have excoriated the plan for failing to address the nation's finances.

Now-departed Department of Government Efficiency (DOGE) chief Elon Musk, moreover, recently broke his silence and expressed frustrations with the GOP for not meaningfully addressing cuts, even after his work at DOGE identified billions in savings.