Fact Check: "The bill threatens to add $3.3 trillion in debt."
What We Know
The claim that the bill would add $3.3 trillion to the national debt is supported by a recent analysis from the nonpartisan Congressional Budget Office (CBO). According to the CBO, the changes made to President Donald Trump's tax bill in the Senate would indeed increase the deficit by nearly $3.3 trillion from 2025 to 2034, which is a significant increase over the $2.4 trillion projected for the House version of the bill (AP News, New York Times).
The CBO's analysis indicates that this increase in debt would exacerbate an already dire fiscal situation, with the national debt expected to reach approximately $29 trillion. The CBO also noted that the initial estimate of $3.3 trillion might be an undercount, as it does not include additional borrowing costs that could push the total closer to $4 trillion (New York Times).
Analysis
The evidence supporting the claim comes from credible sources, specifically the CBO, which is known for its nonpartisan analysis of federal budgetary issues. The CBO's estimates are typically regarded as reliable, although some Republican lawmakers have disputed these figures, suggesting that they are using alternative budget baselines to argue that the bill would not increase the deficit (AP News).
Critics of the GOP's approach have labeled their budgetary methods as "magic math," arguing that they obscure the true costs of the proposed tax cuts (New York Times). The CBO's analysis also highlighted that the Senate bill would lead to an increase in the number of uninsured Americans, further complicating the implications of the proposed legislation (AP News).
While some lawmakers have raised concerns about the CBO's estimates, the consensus among independent analysts is that the bill would indeed add a substantial amount to the national debt, making the claim credible.
Conclusion
The claim that "the bill threatens to add $3.3 trillion in debt" is True. The evidence provided by the CBO clearly supports this assertion, indicating that the proposed legislation would significantly increase the national debt over the next decade. Despite some dissent from Republican lawmakers regarding the CBO's estimates, the overall analysis from credible sources affirms the validity of the claim.
