The Damage Report
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Republicans TURN Against Each Other As Debt Bombshell Unveiled By Budget Office
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June 21, 2025
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4:26Now PlayingRepublicans, including Josh Hawley, Lisa Murkowski, and more, turn against Donald Trump's big bill in public statements as the Congressional Budget Office releases an updated cost estimate revealing a financial bombshell that the bill will increase the national debt to nearly $3 trillion, despite Trump's claims that he will bring the debt down. John Iadarola and Sharon Reed break it down on The Damage Report. Leave a comment with your thoughts below!
Read more here:
CBO Estimates $3 Trillion of Debt from HousePassed OBBBA
"The Congressional Budget Office (CBO) released an updated cost estimate for the House-passed One Big Beautiful Bill Act (OBBBA) today, projecting that the bill would add over $2.4 trillion to primary deficits over ten years. Read more about the bill's specific provisions here.
After accounting for interest costs on the new debt, we estimate that by Fiscal Year (FY) 2034 the bill would:
Increase debt by nearly $3 trillion, or roughly $5 trillion if made permanent.
Increase the deficit to 7.0 percent of Gross Domestic Product (GDP) by 2026.
Double interest costs between 2024 and 2034 to $1.8 trillion (4.2 percent of GDP).
Increase debt from 100 percent of GDP today to 124 percent of GDP by 2034, 129 percent of GDP if made permanent, and 133 percent if interest rates remain high.
Significantly front-load costs and back-load savings such that nearly three-quarters of the official primary deficit impact would be in the first four years and a quarter.
Based on CBO’s estimate, the House-passed bill includes roughly $5.3 trillion of tax cuts and spending partially offset by $2.9 trillion of revenue increases and spending cuts. Most significantly, the policies put forward by the Ways & Means Committee would increase deficits by $3.8 trillion, on net, while the policies in the Energy & Commerce title would reduce deficits by $1.1 trillion. With interest, the bill would add nearly $3.0 trillion to the debt through 2034 – or $5.0 trillion if various temporary provisions are made permanent."
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