Boyle Statement on CBO’s Dynamic Score of Trump’s Big Beautiful Betrayal

WASHINGTON, DC – Congressman Brendan F. Boyle (PA-02), Ranking Member of the House Budget Committee, released the following statement in response to the nonpartisan Congressional Budget Office's (CBO) dynamic score of the Republican budget bill. This cost estimate, which includes macroeconomic effects and debt service costs, shows that the bill will increase the debt by $3.3 trillion.

“Today’s CBO score will disappoint every Republican who hoped tax breaks for billionaires would magically pay for themselves,” said Ranking Member Boyle. “Their handouts to the mega-rich will add trillions to the national debt. As if kicking 16 million people off their health care wasn’t bad enough, now every American will pay the price for the Republican debt crisis — with higher interest rates, bigger credit card bills, and more expensive mortgages.”

Background:

• CBO finds that under the dynamic analysis, the bill increases the deficit by $2.8 trillion and the debt held by the public by $3.3 trillion over the decade, which includes higher debt service costs.
• Though the bill will modestly increase GDP growth and labor supply, these effects are washed out by higher debt service costs as a result of more borrowing and higher interest rates.
• The bill will increase inflation, forcing the Fed to lower rates more slowly than CBO forecasted in January, contributing to interest rates increasing by 14 basis points over the decade.
• This means that incorporating the dynamic effects shows that the true cost of the bill is even higher than previously estimated.

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