Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
NEW YORK, July 22 (Xinhua) — The "Big Beautiful" law signed into law on July 4 will increase the U.S. budget deficit by $3.39 trillion between 2025 and 2034, according to a report released by the U.S. Congressional Budget Office on Monday.
The agency's latest estimate is higher than the $3.25 trillion it made in late June, shortly before Congress passed the bill.
The report notes that the increase in the deficit is due to a reduction in direct spending of $1.1 trillion and a decrease in budget revenues of $4.5 trillion.
The tax and budget bill reflects US President Donald Trump's policy agenda, including tax cuts, increased funding for military spending and border security.
The law is sparking heated debate among lawmakers and U.S. citizens across political parties and income levels.
Its massive impact on the US budget deficit in the coming years has raised concerns both domestically and internationally.
The law is expected to increase U.S. borrowing by $4.1 trillion, including interest, said Maya McGinnis, chairwoman of the Committee for a Responsible Federal Budget.
As of mid-2025, the U.S. national debt exceeds $36.2 trillion, and the debt-to-GDP ratio has exceeded World War II levels. –0–
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