Trump's tax-cut bill to add 2.4 trln USD to deficit, says CBO analysis

Pedestrians walk past the National Debt Clock in New York, the United States, on June 4, 2025. The U.S. nonpartisan Congressional Budget Office (CBO) released an analysis Wednesday predicting President Donald Trump's tax-cut bill will reduce taxes by 3.7 trillion U.S. dollars, which will add 2.4 trillion dollars to the country's deficits over the next decade. (Xinhua/Liu Yanan)

NEW YORK, June 4 (Xinhua) -- The U.S. nonpartisan Congressional Budget Office (CBO) released an analysis Wednesday predicting President Donald Trump's tax-cut bill will reduce taxes by 3.7 trillion U.S. dollars, which will add 2.4 trillion dollars to the country's deficits over the next decade.

The analysis, posted on CBO's official website on June 4 but dated May 20, also estimates an increase of 10.9 million people without health insurance under the bill, including 1.4 million who are in the country without legal status in state-funded programs.

The bill, which Trump and Republican lawmakers refer to as the "big, beautiful bill," has narrowly passed the House voting and is now awaiting senators' deliberation. 

Photo taken on June 4, 2025 shows the National Debt Clock in New York, the United States. The U.S. nonpartisan Congressional Budget Office (CBO) released an analysis Wednesday predicting President Donald Trump's tax-cut bill will reduce taxes by 3.7 trillion U.S. dollars, which will add 2.4 trillion dollars to the country's deficits over the next decade. (Xinhua/Liu Yanan)

A man walks past the National Debt Clock in New York, the United States, on June 4, 2025. The U.S. nonpartisan Congressional Budget Office (CBO) released an analysis Wednesday predicting President Donald Trump's tax-cut bill will reduce taxes by 3.7 trillion U.S. dollars, which will add 2.4 trillion dollars to the country's deficits over the next decade. (Xinhua/Liu Yanan)