Senate GOP Bill: CBO Warns of Over $3 Trillion Debt Hike as Vote Nears
Senate GOP Bill: CBO Warns of Over $3 Trillion Debt Hike as Vote Nears
A comprehensive Senate Republican bill, poised for an imminent vote, is projected to add over $3 trillion to the national debt, according to a recent analysis by the Congressional Budget Office (CBO). This sweeping legislation includes hundreds of provisions, notably extended and expanded tax cuts alongside significant reductions to crucial programs such as Medicaid and food benefits.
The CBO’s detailed 10-year budget assessment, released Sunday, provides a stark overview of the bill’s financial implications. Unlike the Senate leadership’s approach, the CBO’s evaluation accounts for the cost of extending expiring tax cuts, offering a more complete picture of the proposed legislation’s impact on federal finances.
For this extensive bill to become law, it must first navigate an anticipated “vote-a-rama” in the Senate, where last-minute amendments and parliamentary rulings could introduce changes. Following Senate passage, it requires a second successful vote in the House of Representatives and the President’s signature. The ongoing debate surrounding key provisions highlights the fluidity of the bill as it progresses through Congress.
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