Fact Check: "Senate's version adds $500 billion more debt than House's!"
What We Know
The claim that the Senate's version of the "One Big Beautiful Bill" adds $500 billion more debt than the House's version is supported by multiple sources. According to the Congressional Budget Office (CBO), the Senate bill is projected to add at least $3.3 trillion to the national debt over a decade, while the House version is estimated to add approximately $2.4 trillion. This indicates a difference of about $900 billion between the two bills. However, some analyses suggest that the Senate bill could add even more to the debt when considering additional borrowing costs, potentially pushing the total closer to $4 trillion.
Furthermore, a report from the Committee for a Responsible Federal Budget indicates that the Senate bill likely violates House budget instructions by at least $500 billion, reinforcing the claim that the Senate's version incurs significantly more debt than the House's version (CRFB).
Analysis
The evidence presented shows a clear discrepancy between the projected costs of the House and Senate versions of the bill. The CBO's estimate of $3.3 trillion for the Senate bill compared to $2.4 trillion for the House bill suggests a substantial increase in debt. The difference of $900 billion is significant, but the claim specifically states an increase of $500 billion more debt, which aligns with the findings from the Committee for a Responsible Federal Budget. This organization has a reputation for providing nonpartisan analyses of fiscal policy, which adds credibility to their findings.
Moreover, the Senate's approach to budget costs, which includes making certain tax cuts permanent without accounting for their full cost, has been criticized by some fiscal conservatives. This alternative accounting method could lead to underestimating the true impact on the debt, further complicating the financial implications of the Senate's version of the bill (New York Times).
While both the CBO and the CRFB are reputable sources, it is important to note that the CBO's estimates are based on the current legislative text and assumptions about future economic conditions, which can change. Therefore, while the estimates are reliable, they are subject to revision as new information becomes available.
Conclusion
Verdict: True. The claim that the Senate's version of the "One Big Beautiful Bill" adds $500 billion more debt than the House's version is substantiated by credible sources. The Senate bill's projected increase in debt is significantly higher than that of the House bill, and the analysis from the CRFB supports the assertion that the Senate's version incurs at least $500 billion more in debt.
