In response to the Congressional Budget Office Dynamic Estimate of One Big Beautiful Bill Act, Carolyn Bourdeaux, Executive Director of Concord Action issued the following statement:
The latest Congressional Budget Office (CBO) estimate shows that we’ve reached a point as a country where we are carrying so much debt that positive effects — like economic lift and revenue feedback — from deficit-financed tax cuts are swamped by the negative effects, including rising interest rates and the massive increase in interest payments on our national debt.
CBO’s recent analysis of the One Big Beautiful Bill Act (OBBBA) shows that the dynamic effects from the bill will add $356 billion in deficits and raise its total price tag from $3 trillion to $3.3 trillion over ten years. CBO estimates that the tax cuts will increase economic growth and related revenues but, at the same time, the bill will add $441 billion in interest payments due to debt-fueled higher interest rates.
With our total debt greater than the size of our entire economy, Congress cannot continue business as usual. Once again, we call on Congress to fix the One Big Beautiful Bill Act. If it’s worth doing, it’s worth paying for. And once again, we would respectfully point out that there are many ways to pay for this bill or restructure it to be both pro-growth and deficit neutral.
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