5 days ago
- Business
- AU Financial Review
Republican tax bill adds $3.7 trillion to US deficits, watchdog says
Washington | The House-passed version of President Donald Trump's tax and spending bill would add $US2.42 trillion ($3.7 trillion) to US budget deficits over the next decade, according to a new estimate from the nonpartisan Congressional Budget Office.
The CBO's calculation, released on Wednesday (Thursday AEST) in its so-called scoring of the 'One Big Beautiful Bill,' reflects a $US3.67 trillion decrease in expected revenues and a $US1.25 trillion decline in spending over the decade through 2034, relative to baseline projections. The score doesn't account for any potential boost to the economy from the bill, which could offset some of the revenue losses.
