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Photo From: Jim Matthews - Album: No Album
Description: Balancing the Budget
Uploaded: 3/11/2025 by Jim Matthews
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(6/17/2025) Jim Matthews wrote:
The One Big Beautiful Bill Act of 2025 (OBBBA) is projected to increase the deficit significantly. According to the Congressional Budget Office (CBO), the bill would add over $2.4 trillion to primary deficits over ten years. When accounting for interest costs on the new debt, the total debt increase is estimated to be nearly $3 trillion by Fiscal Year (FY) 2034. If the temporary provisions of the bill are made permanent, the debt increase could rise to approximately $5 trillion. Additionally, the bill would increase the deficit to 7.0% of Gross Domestic Product (GDP) by 2026, compared to a current law projected level of 5.5%. In 2034, deficits under the OBBBA are projected to total 6.8% of GDP, or 7.8% if the bill were made permanent, significantly higher than the 6.1% of GDP deficit projected under current law |