(AURN News) — President Donald Trump’s so-called “Big Beautiful Bill” could place further financial strain on the United States, according to a new analysis. While members of the Trump administration have made anecdotal claims about the bill’s success, critics say available data tells a different story.
A new report from the Center for American Progress projects significant economic consequences in the years ahead. The report estimates that 10 million people could lose health care coverage, while the wealthiest Americans would receive significant tax breaks. Over the next decade, the federal deficit is projected to increase by $3.4 trillion, according to the report.
“As enacted, the BBB increased that to 2.39 percentage points, an increase of nearly 50%,” the report said.
“And if all provisions that are set to expire in the future — such as no tax on tips and the increase in funding for U.S. Immigration and Customs Enforcement — were made permanent, the fiscal gap would rise further to 2.89, a 76% increase. Such a trajectory is likely to raise interest rates, making borrowing more expensive for American households,” the report added.
Critics argue the tax cuts outlined in the bill disproportionately benefit wealthy Americans while placing additional financial pressure on working-class and low-income households.
To address the projected fiscal gap associated with the BBB, the Center for American Progress is calling on Congress to take action.
Click play to listen to the AURN News report from Jamie Jackson:
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