Trump’s tax bill would add $2.4tn to US debt, says non-partisan analysis

The speaker, Mike Johnson, speaks to the media after the House narrowly passed a the tax-and-spend bill at the US Capitol on 22 May. Photograph: Kevin Dietsch/Getty Images

Donald Trump’s signature tax bill would blow a $2.4tn hole to America’s national debt over the next decade, according to a congressional budget office analysis, which came as Elon Musk called for a new bill.

The non-partisan budget office said on Wednesday that Trump’s “one big, beautiful bill” would decrease federal revenues by $3.67tn while cutting spending by $1.25tn through 2034, as the national debt currently stands at $36tn.