New Report Shows Just How Badly Trump Is Lying About His Budget

The Congressional Budget Office released its final cost estimate for Donald Trump’s behemoth budget bill Monday, finding that the law will add a whopping $3.4 trillion to the national deficit over the next decade and knock millions of Americans off of Medicaid.

“That increase in the deficit is estimated to result from a decrease in direct spending of $1.1 trillion and a decrease in revenues of $4.5 trillion,” according to the CBO’s report. This was a marked increase from the CBO’s January estimate that the national budget would increase the deficit by only $2.7 trillion by 2035.

The CBO also predicted that Trump’s “big, beautiful bill,” now signed into law, will leave an estimated 10 million more people without health insurance in 2034.

Bobby Kogan, the senior director of federal budget policy at the American Center for Progress, wrote in a post on X that the budget would strip away roughly $900 billion in Medicaid funding over the next decade, the largest cuts ever to that program.

Trump had repeatedly vowed that he wouldn’t touch Medicaid funding, and one Republican lawmaker was forced to alert the president that the health insurance program was indeed the target of massive cuts contained in his own bill to fund tax breaks for the rich.

Trump’s budget has also set in motion $187 billion in cuts to the Supplemental Nutrition Assistance Program, and the CBO found that the provision requiring states to match SNAP funds would “impose the largest intergovernmental mandates.”

The Committee for a Responsible Federal Budget’s dynamic estimate suggests that, with interest, the bill will add a whopping $4 million to the deficit. CRFB president Maya MacGuineas released a statement following the CBO’s final tally.

“Yes, we should expect a shorter-term economic sugar high as stimulus makes its way through the economy. But modelers from across the ideological spectrum universally agree that any sustained economic benefits are likely to be modest, or negative, and not one serious estimate claims this bill will improve our fiscal situation,” she said. “Rather, positive growth effects are likely to be swamped by the effects of higher debt and interest rates.”