WASHINGTON, June 17 (Xinhua) -- U.S. President Donald Trump's tax and budget bill will increase the deficit by 2.8 trillion U.S. dollars over the next decade, according to a report released Tuesday by the U.S. nonpartisan Congressional Budget Office (CBO).
The bill, also known as the "One Big Beautiful Bill Act," is a core agenda for the Trump administration, encompassing a range of policies including taxation, border control, and artificial intelligence. The bill sparked sharp partisan debate within the United States over whether it would increase the national debt.
"It's not only not paying for all of itself, it's not paying for any of itself," Marc Goldwein, senior vice president and senior policy director for the Committee for a Responsible Federal Budget, said Tuesday on social media.
The bill will also increase the wealth gap in the United States, costing the poorest Americans approximately 1,600 dollars per year, while increasing the average annual income of the wealthiest households by 12,000 dollars, according to the report released by the CBO on June 12.
Due to several reports expressing pessimism about the bill and the government's economic measures, the CBO has faced criticism from some Republican leaders.
House Speaker Mike Johnson said the CBO is "notorious for getting things wrong." White House Press Secretary Karoline Leavitt described the CBO's projections as "absurd."
As Trump urges Congress to approve the bill before July 4, the CBO's predictions could lead to further controversy between the two parties over the bill.
