The Congressional Budget Office (CBO) is out with its official scoring of the Big Beautiful Bill in its current form - and it's ugly (keep in mind that the White House just called out the CBO a 'partisan and political' institution stacked with Democrats).
For starters, the bill would boost total projected deficits from $1.7 trillion to $2.3 trillion over 10 years, and would nearly double the primary (non-interest) deficit - largely attributed to a $3.8 trillion drop in tax revenue.
And as a reminder, Goldman points out that the Big Beautiful Bill has tax cuts front-loaded, spending cuts back-loaded (after 2029), so the next president is stuck with the fiscal drag.
According to Bloomberg, the CBO report indicates that 10.9 million people could be left without health insurance in 2034, including 1.4 million without verified citizenship, nationality or satisfactory immigration status who would lose coverage from state-only funded programs.
The CBO's estimate comes one day after billionaire Elon Musk slammed the bill as a "disgusting abomination" that makes no effort to codify any federal savings found by DOGE, and continues America's addition to spending. Musk's pushback was met with key support by Sen. Rand Paul (R-KY), who's vowed to vote 'no' on the bill in its current form. Rep. Thomas Massie, one of two House Republicans to vote 'no' on the bill which barely passed the House, also supported Musk.
On Tuesday, White House press secretary Karoline Leavitt claimed the CBO was "partisan and political," telling reporters: "There hasn’t been a single staffer in the entire Congressional Budget Office that has contributed to a Republican since the year 2000. But guess what? There have been many staffers within the Congressional Budget Office who have contributed to Democrat candidates and politicians every single cycle."
"So unfortunately, this is another institution in our country that has become partisan and political, and we are very confident in our own economic analysis of this bill," Leavitt continued.
Heritage Foundation senior fellow Stephen Moore noted in the Daily Caller that the "CBO Almost Always Gets it Wrong" - writing in the Daily Caller:
The CBO does not measure the economy-wide benefits of lower tax rates and thus it doesn’t adjust for higher employment and growth – which happens every time we cut tax rates.
We also know that the 2017 scoring of the Trump Tax Cut has already underestimated the revenues from the first six years of the law by a massive $1 trillion or more.
Last week, President Donald Trump posted on Truth Social that "The Democrat inspired and ‘controlled’ Congressional Budget Office (CBO) purposefully gave us an EXTREMELY LOW level of Growth, 1.8% over 10 years. How ridiculous and unpatriotic is that! They did the same thing to us in 2017, and we DOUBLED their numbers."
House Speaker Mike Johnson also slammed the CBO, telling NBC's "Meet the Press" that "they always underestimate the growth that will be brought about by tax cuts and reduction in regulations."
Johnson has obviously been preparing for the CBO report - posting this clip of himself on Fox News last week, and slamming the CBO for its 'historically low growth rate of 1.8%."