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Senator Peter Welch: Tariffs are Paid for by Consumers
Posted
June 4, 2025
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June 4, 2025
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7:38Now PlayingThe House-passed version of President Donald Trump’s tax and spending bill would add $2.42 trillion to US budget deficits over the next decade, according to a new estimate from the nonpartisan Congressional Budget Office.
The CBO’s calculation, released Wednesday in its so-called scoring of the “One Big Beautiful Bill,” reflects a $3.67 trillion decrease in expected revenues and a $1.25 trillion decline in spending over the decade through 2034, relative to baseline projections. The score doesn’t account for any potential boost to the economy from the bill, which could offset some of the revenue losses.
Prospects for an even more dire US fiscal trajectory threaten to stoke concerns about the bill among GOP fiscal hawks. Trump ally Elon Musk on Tuesday blasted the package as a “massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.”
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