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Trump’s big bill will set back U.S. debt by billions more than originally calculated

1 17
yesterday

U.S. Senate Republicans pushed President Donald Trump’s sweeping tax cut and spending bill forward on Sunday in a marathon weekend session even as a nonpartisan forecaster said it would add an estimated $3.3 trillion to the nation’s debt over a decade.

The estimate by the Congressional Budget Office of the bill’s hit to the $36.2 trillion federal debt is about $800 billion more than the version passed last month in the House of Representatives.

Senators are scheduled to start voting on a potentially long list of amendments to the bill beginning at 9 a.m. EDT (1400 GMT) Monday.

Republicans, who have long voiced concern about growing U.S. deficits and debt, have rejected the CBO’s longstanding methodology to calculate the cost of legislation.

Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress.

“Republicans are doing something the Senate has never, never done before, deploying fake math and accounting gimmicks to........

© Fast Company