President Donald Trump's "Big, Beautiful Bill" would cut taxes by $3.7 trillion while adding $2.4 trillion to the national debt, the Congressional Budget Office (CBO) says.

The CBO released its report on Trump's bill on Wednesday. The report also estimates that it would create an additional 10.9 million people without health insurance under the bill, including 1.4 million who are in the country without legal status in state-funded programs.

The Trump administration and congressional Republicans have criticized the CBO's analysis, arguing that the budget watchdog underestimated the growth in federal tax receipts spurred by greater economic activity as a result of the Tax Cuts and Jobs Act that passed in 2017.

This is a developing story. Check back soon for updates.