Senate GOP Tax Bill Adds $3.3 Trillion Debt, Cuts Healthcare

The Congressional Budget Office (CBO) has projected that the Senate version of President Donald Trump's tax and spending bill, dubbed the "One Big Beautiful Bill," would add nearly $3.3 trillion to the U.S. deficit over the next decade, significantly exceeding the House version's estimated $2.4 trillion cost. This legislation extends approximately $3.8 trillion in tax breaks initiated during Trump's first term, primarily benefiting businesses and high-income earners, while proposing steep cuts to federal programs like Medicaid and nutritional assistance to offset costs. The CBO also warns that the bill would increase the number of uninsured Americans by about 11.8 million by 2034, exacerbating healthcare coverage losses more than the House bill's 10.9 million increase. These projections have intensified divisions within the Republican Party, with some senators opposing the spending cuts and others disputing the CBO's estimates, using alternative budget baselines that assume the tax cuts have already been extended. Democrats and some fiscal conservatives argue that the GOP's accounting tactics circumvent standard budget rules, threatening the nation's fiscal stability. Despite the contentious debate and narrow procedural votes, Republicans continue to push for passage by President Trump's self-imposed July 4 deadline, framing the legislation as necessary to reduce waste and promote economic growth.