The Congressional Budget Office said Monday that President Donald Trump’s newly signed “big beautiful bill” will increase the U.S. national debt by $3.4 trillion by 2034, according to CNBC. The extends Trump’s 2017 tax cuts and adds deductions for tips and overtime while boosting military and deportation spending. To offset costs, it includes $1.1 trillion in cuts to Medicaid, SNAP, and clean energy funding. CBO said the bill’s revenue losses will total $4.5 trillion. The CBO also projected the law will result in 10 million more uninsured Americans by 2034, while slightly reducing ACA benchmark premiums by 0.6%. The CBO found that the law will reduce average premiums for the standard ACA benchmark plan by about 0.6% in 2034.
