President Donald Trump’s tax cut plan would add $2.8 trillion to the federal deficit over the next ten years, even after accounting for its broader economic impact, according to a detailed report released Tuesday by the Congressional Budget Office.
The analysis — conducted by the nonpartisan CBO alongside the Joint Committee on Taxation — includes projected debt servicing costs, estimating the legislation would raise interest rates and increase interest payments on federal debt by $441 billion.
The findings come as Trump pushes for swift passage of what he has called his “big, beautiful bill.” After clearing the House along party lines last month, the measure now heads to the Senate, where changes are expected. Vice President JD Vance reportedly pressed Senate Republicans during a closed-door lunch to deliver the final version to Trump’s desk.
