CBO says ‘big, beautiful bill’ will add $3.4 trillion to deficits in final estimate

The Congressional Budget Office said that the final version of the One Big Beautiful Bill Act will add just under $3.4 trillion to deficits over the next decade.

The new numbers, which came after a marathon reconciliation process in which many provisions of the megabill were changed at the last minute, represent a $4.5 trillion decrease in tax revenues and a $1.1 trillion cut in spending through 2034. The number is the CBO’s final estimate for the megabill’s cost.

The $3.4 trillion estimate was crafted using current law, which means that it considers that taxes would have gone up next year because of expiring tax provisions, so the revenue gap from further extending the tax cuts is significantly large.

But the CBO also scored the bill using a current policy baseline,

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