‘One Big Beautiful Bill’ to add $3.4T in debt: CBO

The One Big Beautiful Bill Act that President Donald Trump signed into law on July 4 is expected to add $3.4 trillion to the national debt from 2025 to 2034, according to a July 21 report from the Congressional Budget Office.

The CBO report projects the number of uninsured individuals will also increase by 10 million by 2034 due to the legislation. It will also lower the average gross benchmark premiums for ACA marketplace plans by 0.6% by 2034.

The estimated deficit rise reflects $1.1 trillion in cuts to direct spending and a $4.5 trillion government revenue loss.

“Some of those budgetary effects are associated with programs that are classified as off-budget. The increase in the on-budget deficit over that period is estimated at $3.4 trillion,” the report said.