Trump's \$2.4 Trillion Deficit Bomb: CBO Slams 'Big, Beautiful' Bill

The nonpartisan Congressional Budget Office (CBO) released a scathing analysis of President Donald Trump's proposed bill, estimating it could add \$2.4 trillion to the national deficit over the next decade. The CBO's report, released Wednesday, projects the bill will cut taxes by \$3.7 trillion and reduce federal spending by \$1.2 trillion. However, the expected cuts to healthcare are alarming; the budget office estimates that 10.9 million people will lose their health insurance by 2034. The report comes a day after Elon Musk, who recently led a White House initiative focused on government waste, criticized the bill as a "disgusting abomination." White House Press Secretary Karoline Leavitt responded by claiming the CBO has been "historically wrong." Despite the criticism, the House passed the bill last month, and the Trump administration is pushing for Senate approval before July 4th. The CBO also released a separate analysis of Trump's tariffs, predicting a \$2.8 trillion reduction in the federal deficit over 10 years, but with increased inflation and a smaller economy. The Senate now faces the crucial decision of whether to pass a bill with such potentially significant consequences.