Trump and Republicans’ bill would add $3 trillion to the national debt over 10 years, according to the nonpartisan Congressional Budget Office.
President Donald Trump’s massive tax and immigration proposal would lead the federal government to spend hundreds of billions of dollars extra paying new interest on the soaring national debt, congressional bookkeepers reported Thursday, as lawmakers come to grips with the gargantuan cost of the GOP’s policy agenda.
The Congressional Budget Office projected that new borrowing the legislation would force the government to make would also lead to $550 billion more in interest payments. That would raise the overall price tag of the measure, titled the One Big Beautiful Bill Act, to $3 trillion over the next decade.
The national debt already exceeds $36.2 trillion, and even without the expensive new legislation, debt could top 250 percent of the U.S.’s annual economic output by 2055 if annual agency spending and federal revenue remain at historical averages, CBO reported last month.
The hefty deficit hit has sparked a rift among Republicans — and with Trump’s former spending czar. Billionaire Elon Musk, until last week the head of the cost-cutting U.S. DOGE Service, this week called the legislation “a disgusting abomination” that would burden the country with “crushingly unsustainable debt.” He’s continued to bash the bill dozens of times a day since Tuesday.
