The House recently passed the ambitious “One Big Beautiful Bill,” designed to implement key aspects of the Trump administration’s agenda. But a new report from the Congressional Budget Office (CBO) paints a concerning financial picture. The CBO estimates the bill will balloon the national debt by over $2.4 trillion by 2034.

This eye-watering figure is largely driven by the bill’s core components. It aims to make the 2017 tax cuts permanent, a move that significantly impacts government revenue. Furthermore, it includes a staggering $4 trillion increase to the debt ceiling. Other provisions focus on border security and energy production initiatives.

Interestingly, the bill notably omits taxes on tips and overtime pay, and proposes taxing university endowments above specific thresholds. While these elements might appeal to certain constituencies, the overall cost is undeniably substantial.

The CBO’s projection shows a projected increase of $1.75 trillion by 2029 alone, highlighting the rapid accumulation of debt under the proposed legislation. The bill now faces the Senate, where its fate and ultimate economic implications remain uncertain.

This development raises significant questions about long-term fiscal responsibility and the potential consequences of such a dramatic increase in national debt. Experts and policymakers are likely to engage in heated debate concerning the bill’s financial ramifications and its wider impact on the American economy.