The Congressional Budget Office’s analysis revealed details of the impacts the bill would have on the budget deficit. 

The CBO recently released an analysis of the One Big Beautiful Bill Act, passed by the House GOP. 

The report found that the package would decrease tax revenues by $3.6 trillion, decrease spending by $1.2 trillion, and thus increase deficits by $2.4 trillion over the next 10 years. 

When former President Obama and the Democratic Party passed Obamacare in 2010, the CBO estimated that 13 million previously ineligible, able-bodied adults would enroll in the program. By the end of the projection window, 19.5 million people had been added to the program, which came in significantly higher than the CBO’s estimate. 

In 2017, the CBO inaccurately estimated healthcare again. It predicted 4 million people would lose health insurance coverage when Republicans passed legislation repealing Obamacare’s individual mandate. This estimate included 3 million people who would lose their private health insurance and 1 million who would lose their Medicaid coverage. After the repeal became law, the number of people with private health insurance increased by 3 million while the number with Medicaid coverage increased by 10 million. 

The CBO’s estimate for the 2017 Tax Cuts and Jobs Act was also inaccurate. It predicted corporate tax revenues for fiscal 2024 to be $421 billion. They ended up totaling $529 billion. 

The CBO’s estimate that the bill includes $1.2 trillion in spending cuts indicates significant progress towards budget deficit reduction. 

Republican senators have visited the White House to meet with Trump on the fate of the bill in Congress’ other chamber. 

“We’re committed to making a law that will make the lives of the American people better,” said Senate Majority Leader John Thune. He vowed to “get this done one way or another.”

Thune said the CBO was “flat wrong” because it underestimated the potential revenue growth from Trump’s first round of tax breaks in 2017. 

The bill now heads to the Senate, where it is expected to be changed.