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The nonpartisan Congressional Budget Office predicted the megabill would spur economic growth, but this would not be enough to offset the rising deficit.
The 'One Big Beautiful Bill' (OBBB), led by President Trump, narrowly passed the House and is now under Senate review. Promising the largest tax cut in U.S. history, it aims to reduce the deficit by $1.
President Donald Trump and congressional Republicans are promising that their sweeping tax and spending cuts package will usher in an era of historic economic growth.