The “big, beautiful bill” that President Trump signed into law earlier this month will add nearly $3.4 trillion to the nation’s deficits over roughly the next decade, the Congressional Budget Office estimated in a report on Monday.

The analysis released by the nonpartisan budget scorekeeper projected the bill would add $3.394 trillion to the nation’s deficits from 2025 to 2034.

A lion’s share of the cost comes from the plan’s tax provisions – a core element of the bill – which are estimated to decrease revenues by more than $4 trillion into 2034, while also cutting federal dollars for social programs like Medicaid and food stamps.

The biggest tax cuts in the bill are extensions of cuts first passed in 2017. They include a reduction of the corporate tax rate to 21 percent from 35 percent as well as reductions of most individual income tax rates.

The bill boosts the standard deduction while getting rid of personal........

© The Hill