The 'Big Beautiful Bill' will add $2.4 trillion to the deficit

The CBO says the One Big Beautiful Bill Act will increase deficits by $2.4 trillion over the next 10 years .

The bill will reduce tax collections by an estimated $3.75 trillion over that period, while reducing government spending by $1.3 trillion .

The CBO estimates that the bill's actual impact on the deficit is likely to be even larger than what the CBO estimates.