Latest news with #SNAP
Yahoo
6 hours ago
- Business
- Yahoo
Trump's 'big, beautiful bill' is projected to add $3.4 trillion to the debt, budget office says
WASHINGTON — President Donald Trump's 'big, beautiful bill,' which he signed into law this month, will add $3.4 trillion to the U.S. national debt over the next decade, according to a report the nonpartisan Congressional Budget Office published Monday. The report found that the law, which Republicans passed along party lines, will also 'increase by 10 million the number of people without health insurance' by 2034. The budget office scrutinized the final version of the bill after Republicans made a series of last-minute changes to cobble together the votes needed in the Senate; it passed 51-50. That revised version subsequently passed the House on a vote of 218-214. Trump enacted it on July 4. The package extends Trump's 2017 tax cuts while providing tax deductions for tips and overtime pay for the next four years. It includes hundreds of billions of dollars in new spending for the military and to carry out Trump's mass deportation agenda. And it pays for some of that with cuts to Medicaid, SNAP benefits (which help low-income families purchase groceries) and clean energy funding. The analysis found that the law's net spending cuts of $1.1 trillion are outstripped by the $4.5 trillion in decreased revenue, compared with if the measure had not passed. Republican leaders said passing the 'big, beautiful bill' was essential to averting a tax hike at the end of this year, when much of Trump's 2017 tax law was slated to expire. Recent surveys show the bill is unpopular with Americans. Democrats are leaning heavily into attacks on the bill as a tax cut that disproportionately benefits the wealthy, paid for in part with spending cuts that harm the working class. Some Republicans and White House allies, meanwhile, are casting the bill as a tax benefit for 'working families,' highlighting the move away from taxes on tips and overtime in particular. House Speaker Mike Johnson, R-La., predicted that voters will 'reward' Republicans for the bill in the midterm elections. 'This is a bill that was written for hardworking Americans, middle- and lower-class earners in particular, and they will feel the effects of that in the economy, and they'll have higher wages and more opportunity and more economic growth, and that's a major factor in a midterm election. And the border will be secure. We'll have American energy dominance going again,' Johnson told NBC News earlier this month after it passed. Asked if he has any concerns that it will cost the GOP seats in the 2026 midterm elections, Johnson responded, 'No concerns at all. In fact, it's going to gain seats for us. We're that confident.' The CBO also found that the law, which includes changes to the Affordable Care Act, will reduce average premiums for the standard 'benchmark' ACA plan by about 0.6% in 2034. This article was originally published on
Yahoo
6 hours ago
- Business
- Yahoo
GOP megabill's final score: $3.4T in red ink and 10 million kicked off health insurance, CBO says
Congress' nonpartisan scorekeeper released its final prediction Monday for how President Donald Trump's signature legislative achievement will grow the national debt and affect U.S. households. Over the next decade, the megabill Trump signed on July 4 would increase the federal deficit by $3.4 trillion and cause 10 million people to lose health insurance, the Congressional Budget Office forecasts. While the newly enacted legislation would save more than $1 trillion by cutting federal spending on health care — with the majority coming from Medicaid — CBO predicts that the package's costs will far outweigh its savings. The bulk of the red ink from the package comes from the GOP's permanent extension of Trump's 2017 tax cuts. The analysis finds that the Senate Finance Committee, which has jurisdiction over tax policy, enacted policies that would decrease the incoming federal cash flow from taxes by a total of $4.5 trillion. That sum includes the cost of tax cuts Republicans added during Senate floor debate of the package. CBO's new uninsured figure is below itsprior estimate of 11.8 million people. The agency said it will offer details on the differences in the coming weeks, but one source of the reduction is removal of a policy in the final version of the megabill that would have led to an estimated 1.4 million undocumented immigrants losing coverage. The budget office also recalculated savings from agriculture policies. In the final days before the bill cleared Congress, Sen. Lisa Murkowski (R-Alaska) led negotiations to soften a requirement to make states pay for part of SNAP food assistance, the nation's largest anti-hunger program. Cuts to federal agriculture spending and the bill's overhaul of the food aid program will save $120 billion over the next decade, CBO predicts. A prior version of the legislation also offset costs with policies intended to penalize states that offer coverage to undocumented immigrants out of their own coffers. Undocumented immigrants are prohibited from getting Medicaid coverage, but a dozen states and the District of Columbia pay for services with their own funds. The bill originally cut funding for states that had opted to expand Medicaid under the Democrats' 2010 health law, but the provision was dropped in the final version due to an objection from the Senate parliamentarian. At the request of Senate Republicans, CBO also included an analysis using a new accounting tactic that zeroes out the cost of permanently extending Trump's 2017 tax cuts. Senate Republicans have argued that merely extending current tax rates shouldn't be counted towards the deficit and that traditional accounting used by CBO biases against preventing tax increases. Under the separate analysis, also released on Monday, the sweeping domestic policy bill would increase the federal deficit by only $366 billion. Katherine Tully-McManus and Samuel Benson contributed to this report.
CNBC
7 hours ago
- Business
- CNBC
Trump's 'big beautiful bill' is projected to add $3.4 trillion to the debt, budget office says
President Donald Trump's "big beautiful bill," which he signed into law this month, will add $3.4 trillion to the U.S. national debt over the next decade, according to a new report published Monday by the nonpartisan Congressional Budget Office. The report found that the law, which Republicans passed along party lines, will also "increase by 10 million the number of people without health insurance" by 2034. The budget office scrutinized the final version of the bill after Republicans made a series of last-minute changes to cobble together the votes needed in the Senate; it passed by a vote of 51-50. That revised version subsequently passed the House on a vote of 218-214. Trump enacted it on July 4. The 887-page package extends Trump's 2017 tax cuts while providing tax deductions for tips and overtime pay for the next four years. It includes hundreds of billions of dollars in new spending for the military and to carry out Trump's mass deportation agenda. And it pays for some of that with cuts to Medicaid, SNAP benefits (which help low-income families purchase groceries) and clean energy funding. The analysis found that the law's net spending cuts of $1.1 trillion are outstripped by the $4.5 trillion in decreased revenue, compared to if the measure had not passed. Republican leaders said passing the "big, beautiful bill" was essential to averting a tax hike at the end of this year, when much of Trump's 2017 tax law was slated to expire. Recent surveys show the bill is unpopular with Americans. Democrats are leaning heavily into attacks on the bill as a tax cut that disproportionately benefits the wealthy, paid for in part with spending cuts that harm the working class. Some Republicans and White House allies, meanwhile, are casting the bill as a tax benefit for "working families," highlighting the move away from taxes on tips and overtime in particular. Speaker Mike Johnson, R-La., predicted that voters will "reward" Republicans for the bill in the midterm elections. "This is a bill that was written for hard working Americans, middle and lower class earners in particular, and they will feel the effects of that in the economy, and they'll have higher wages and more opportunity and more economic growth, and that's a major factor in a midterm election. And the border will be secure. We'll have American energy dominance going again," Johnson told NBC News earlier this month after it passed. Asked if he has any concerns that it will cost the GOP seats in the 2026 midterm elections, Johnson responded, "No concerns at all. In fact, it's going to gain seats for us. We're that confident." The CBO also found that the law, which includes changes to the Affordable Care Act, will reduce average premiums for the standard "benchmark" ACA plan by about 0.6% in 2034.
NBC News
8 hours ago
- Business
- NBC News
Trump's 'big beautiful bill' is projected to add $3.4 trillion to the debt, budget office says
WASHINGTON — President Donald Trump's "big beautiful bill," which he signed into law this month, will add $3.4 trillion to the U.S. national debt over the next decade, according to a new report published Monday by the nonpartisan Congressional Budget Office. The report found that the law, which Republicans passed along party lines, will also 'increase by 10 million the number of people without health insurance' by 2034. The budget office scrutinized the final version of the bill after Republicans made a series of last-minute changes to cobble together the votes needed in the Senate; it passed by a vote of 51-50. That revised version subsequently passed the House on a vot of 218-214. Trump enacted it on July 4. The 887-page package extends Trump's 2017 tax cuts while providing tax deductions for tips and overtime pay for the next four years. It includes hundreds of billions of dollars in new spending for the military and to carry out Trump's mass deportation agenda. And it pays for some of that with cuts to Medicaid, SNAP benefits (which help low-income families purchase groceries) and clean energy funding. The analysis found that the law's net spending cuts of $1.1 trillion are outstripped by the $4.5 trillion in decreased revenue, compared to if the measure had not passed. Republican leaders said passing the 'big, beautiful bill' was essential to averting a tax hike at the end of this year, when much of Trump's 2017 tax law was slated to expire. Recent surveys show the bill is unpopular with Americans. Democrats are leaning heavily into attacks on the bill as a tax cut that disproportionately benefits the wealthy, paid for in part with spending cuts that harm the working class. Some Republicans and White House allies, meanwhile, are casting the bill as a tax benefit for 'working families,' highlighting the move away from taxes on tips and overtime in particular. Speaker Mike Johnson, R-La., predicted that voters will 'reward' Republicans for the bill in the midterm elections. 'This is a bill that was written for hard working Americans, middle and lower class earners in particular, and they will feel the effects of that in the economy, and they'll have higher wages and more opportunity and more economic growth, and that's a major factor in a midterm election. And the border will be secure. We'll have American energy dominance going again,' Johnson told NBC News earlier this month after it passed. Asked if he has any concerns that it will cost the GOP seats in the 2026 midterm elections, Johnson responded, 'No concerns at all. In fact, it's going to gain seats for us. We're that confident.'
Newsweek
15 hours ago
- Business
- Newsweek
When Are August 2025 SNAP Payments Coming?
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Supplemental Nutrition Assistance Program (SNAP) benefits will be sent to households throughout August 2025—but when will you get yours? What Are SNAP Benefits? SNAP benefits provide financial assistance to help low- and no-income individuals and families buy food. Administered by the U.S. Department of Agriculture (USDA), SNAP issues monthly funds via an electronic benefits transfer (EBT) card, which can be used to buy food at authorized grocery stores and markets. It is the largest federal nutrition program, supporting millions of Americans every month. In 2024, more than 40 million Americans relied on the program. When Are August 2025 SNAP Payments Coming? While SNAP benefits are funded by the federal government, each state manages and distributes them to its residents. Therefore, not all claimants nationwide are paid on the same date every month. Some states pay all beneficiaries on one day, while others stagger payments throughout the month. All SNAP amounts are issued as one lump sum. Here are the payment dates for each state and territory: Alabama : August 4 to 23 : August 4 to 23 Alaska : August 1 : August 1 Arizona : August 1 to 13 : August 1 to 13 Arkansas : August 4 to 13 : August 4 to 13 California : August 1 to 10 : August 1 to 10 Colorado : August 1 to 10 : August 1 to 10 Connecticut : August 1 to 3 : August 1 to 3 Delaware : August 2 to 23 : August 2 to 23 District of Columbia : August 1 to 10 : August 1 to 10 Florida : August 1 to 28 : August 1 to 28 Georgia : August 5 to 23 : August 5 to 23 Guam : August 1 to 10 : August 1 to 10 Hawaii : August 3 and 5 : August 3 and 5 Idaho : August 1 to 10 : August 1 to 10 Illinois : August 1 to 20 : August 1 to 20 Indiana : August 5 to 23 : August 5 to 23 Iowa : August 1 to 10 : August 1 to 10 Kansas : August 1 to 10 : August 1 to 10 Kentucky : August 1 to 19 : August 1 to 19 Louisiana : August 1 to 23 : August 1 to 23 Maine : August 10 to 14 : August 10 to 14 Maryland : August 4 to 23 : August 4 to 23 Massachusetts : August 1 to 14 : August 1 to 14 Michigan : August 3 to 21 : August 3 to 21 Minnesota : August 4 to 13 : August 4 to 13 Mississippi : August 4 to 21 : August 4 to 21 Missouri : August 1 to 22 : August 1 to 22 Montana : August 2 to 6 : August 2 to 6 Nebraska : August 1 to 5 : August 1 to 5 Nevada : August 1 to 10 : August 1 to 10 New Hampshire : August 5 : August 5 New Jersey : August 1 to 5 : August 1 to 5 New Mexico : August 1 to 20 : August 1 to 20 New York : August 1 to 9 : August 1 to 9 North Carolina : August 3 to 21 : August 3 to 21 North Dakota : August 1 : August 1 Ohio : August 2 to 20 : August 2 to 20 Oklahoma : August 1 to 10 : August 1 to 10 Oregon : August 1 to 9 : August 1 to 9 Pennsylvania : August 1 to 10 : August 1 to 10 Puerto Rico : August 4 to 22 : August 4 to 22 Rhode Island : August 1 : August 1 South Carolina : August 1 to 19 : August 1 to 19 South Dakota : August 10 : August 10 Tennessee : August 1 to 20 : August 1 to 20 Texas : August 1 to 28 : August 1 to 28 Utah : August 5, 11 and 15 : August 5, 11 and 15 Virgin Islands : August 1 : August 1 Vermont : August 1 : August 1 Virginia : August 1 to 7 : August 1 to 7 Washington : August 1 to 20 : August 1 to 20 West Virginia : August 1 to 9 : August 1 to 9 Wisconsin : August 1 to 15 : August 1 to 15 Wyoming: August 1 to 4 Stock image/file photo: A person pushing a grocery cart through a store. Stock image/file photo: A person pushing a grocery cart through a store. GETTY How Much SNAP Can I Get? How much SNAP you can get depends on your income, living situation, and whether you have any dependents. In terms of maximum amounts available, across the 48 contiguous states and Washington D.C, a single person claiming foods stamps can get a maximum of $292 per month, and a family of four can receive $975 per month. These maximum amounts are higher in Alaska, Hawaii and in the U.S. overseas territories. In 2023, the latest year for which data is available, the average SNAP household received a monthly benefit of $332, according to the USDA.
