【CBO: Trump's Great Beautiful Plan Will Lead to a $2.8 Trillion Increase in Deficit, Although It Will Boost Economic Output】 The nonpartisan Congressional Budget Office (CBO) projected on Tuesday that despite an increase in economic output, President Trump's comprehensive tax cut and spending plan will lead to a $2.8 trillion increase in the deficit over the next decade. Senate Republicans are reviewing a revised version of the bill, and the budget watchdog agency released a dynamic analysis of the version passed by the House in May. The CBO stated that the tax provisions of the bill will lead to an average increase of 0.5% in real GDP over the next decade, which would reduce the U.S. deficit by $85 billion. However, the agency also noted that the bill will lead to higher interest rates, increasing interest spending on federal debt by $441 billion. Two weeks ago, the CBO projected that Trump's "Great Beautiful Plan" would add an additional $2.4 trillion to the federal government's debt of $36.2 trillion over the next decade, not accounting for potential economic effects. If interest expenses on the new debt are included, the cost will rise to $3 trillion.