Budget bill would add trillions to U.S. debt and increase inequality, Nobel laureate economists say
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Budget Office: Trump's Tax Bill to Expand Deficits by $2.4T
Above: U.S. President Donald Trump at the National Memorial Day Observance at the Memorial Amphitheatre in Arlington National Cemetery in Arlington, Virginia, on May 26, 2025. Image copyright: Saul Loeb/Contributor/AFP via Getty Images
The Spin
Anti-Trump narrative
This legislation represents fiscal irresponsibility at its worst. The $2.4 trillion debt increase suggests that Republicans have abandoned conservative principles, with spending increases that exceed the combined total of all proposed cuts. Once conservatives vote for this massive borrowing, there will be no credible opposition to future spending sprees.
Pro-Trump narrative
The legislation presents a once-in-a-generation opportunity to stimulate economic growth through tax relief and targeted spending reductions. The Trump administration's policies, including import tariffs and domestic investment incentives, will supercharge growth and ultimately shrink the deficit through increased economic activity.