GOP's Ron Johnson breaks down financial impact of 'Big, Beautiful Bill'

Amid ongoing debate over passage of the "One Big, Beautiful Bill" Act (OBBB), GOP Sen. Ron Johnson, R-Wis., has unveiled an economic breakdown of its impacts, highlighting the expected increase to the deficit, in a call for deeper spending cuts.

Johnson's analysis compares the White House's estimate of long-term deficit impact, with that of the Congressional Budget Office (CBO), and the CBO's projections for merely continuing with existing policy.

Whereas the White House estimates that the budget will add $18.6 trillion to the deficit over 10 years with the OBBB, the CBO put the figure at $24.1 trillion, compared with $21.1 trillion should the government continue existing policy.

He further broke down scenarios based on varying assumed levels of GDP growth, though Johnson asserted that "even achieving sustained 3% growth is highly uncertain, and at that level we still experience deficits that average roughly $2 trillion."

"Without addressing out-of-control spending that has increased at an unprecedented level since the pandemic, America’s fiscal situation will remain dire," he warned.