According to the Congressional Budget Office, President Trump’s new tax and spending law will increase federal deficits by $3.4 trillion over the next decade.
The law, signed on July 4, extends tax breaks, adds deductions for tips and auto loans, and cuts funding for Medicaid and food assistance.
While Republicans argue the law prevents a tax hike and fuels growth, the CBO says growth won’t be enough to offset the debt burden—leaving over 10 million more people uninsured by 2034.