CBO Projects $2.4 Trillion Deficit Surge Driven by Trump’s Tax Cuts and Pentagon Spending

The Congressional Budget Office (CBO) has released a damning analysis of former President Donald Trump’s much-touted tax and spending proposal, projecting it would balloon the national deficit by a staggering $2.4 trillion over the next ten years.

And that's just the beginning.

The CBO warns that the plan — which seeks to permanently extend provisions from Trump’s 2017 tax law — would slash federal revenues by more than $3.6 trillion during the same period. The primary beneficiaries? America’s wealthiest individuals and largest corporations.

In addition, at Trump’s urging, the bill dramatically boosts military spending, pushing the Pentagon’s budget past $1 trillion for the first time in U.S. history — even as it proposes deep cuts to Medicaid. The result: an estimated 15 million Americans could lose their healthcare coverage by 2034.

Critics argue the bill reflects twisted priorities — pouring money into weapons and war while abandoning the sick and vulnerable at home. As one observer noted: “We can afford bombs, but not chemo or insulin.”

Adding fuel to the fire, billionaire and MAGA ally Elon Musk lashed out at the legislation on X (formerly Twitter), calling it a “disgusting abomination” and accusing lawmakers of fiscal recklessness.

“This bill is loaded with wasteful spending,” Musk wrote. “It will drive the deficit to an insane $2.5 trillion and bury Americans under unsustainable debt. Shame on those who supported it — you know better.”

Despite their rhetoric, Republicans continue to greenlight massive spending — as long as it enriches the wealthy. Their sudden concern for deficits only seems to reappear when Democrats are in charge.