💨 Abstract

President Donald Trump's tax and spending law is projected to add $3.4 trillion to federal deficits by 2034, according to the Congressional Budget Office (CBO). The law will leave over 10 million uninsured by 2034. The legislation extended current tax rates and introduced new deductions while cutting Medicaid and food assistance spending. Republicans advocate the bill prevents a tax increase, while Democrats criticize it for benefiting the rich.

Courtesy: WTOP Staff