PULSE POINTS:
❓What Happened: The Office of Management and Budget (OMB) says its analysis of President Donald J. Trump’s “One Big Beautiful Bill” finds the legislation introduces historic fiscal reforms, achieving $1.7 trillion in mandatory savings and reducing the deficit by $1.407 trillion. This analysis contradicts a fiscal score released by the Congressional Budget Office (CBO) that claims the bill would increase the deficit by $2.4 trillion.
👥 Who’s Involved: President Donald J. Trump, the Congressional Budget Office (CBO), the Office of Management and Budget (OMB), OMB Director Russ Vought, Elon Musk, and the U.S. Congress.
📍 Where & When: The OMB’s top-line numbers were revealed by the agency’s director, Russ Vought, on Wednesday, June 4, after the CBO released its updated fiscal score earlier in the day.
💬 Key Quote: “Even the partisan CBO admits the deficit will be slashed by at least $500 billion over the next ten years,” the Trump White House said in a fact sheet.
⚠️ Impact: According to the Trump White House, the bill enacts permanent savings, extends tax cuts, allocates funds for border security, and sets the stage for further deficit reductions of $6.6 trillion over the next decade.
IN FULL:
President Donald J. Trump’s “One Big Beautiful Bill” has been revealed to deliver unprecedented fiscal reforms, achieving nearly $1.7 trillion in mandatory savings, according to Office of Management and Budget (OMB) data acknowledged by the Congressional Budget Office (CBO). This figure marks the highest level of mandatory savings in U.S. history, surpassing reductions achieved by similar reconciliation bills in 2005, 1997, 1993, and 1990 when adjusted for inflation.
Russ Vought, the director of the OMB, notes that the budget reconciliation bill enacts permanent changes to the law, ensuring that these savings extend far into the future. While critics, including Elon Musk, have claimed the bill increases spending and adds to the deficit, Vought argues these assertions have been countered by the facts.
“OMB just reviewed the new CBO score of the One Big Beautiful bill. It confirms what we knew about the bill at House passage. The bill REDUCES deficits by $1.4 trillion over ten years when you adjust for CBO’s one big gimmick–not using a realistic current policy baseline,” Vought wrote in a post on X (formerly Twitter) on Wednesday, adding: “It includes $1.7 trillion in mandatory savings, the most in history. If you care about deficits and debt, this bill dramatically improves the fiscal picture.”
Vought and others in the Trump administration argue that the CBO’s projections of higher deficits are based on the assumption that President Trump’s 2017 tax cuts will expire. This assumption, they contend, creates a false policy baseline and warps the bill’s true fiscal impact. Additionally, the Trump White House notes that the CBO itself forecasts that President Trump’s tariffs will reduce the deficit by $2.8 trillion over the next decade.
Further, the White House officials state that when the legislation’s economic effects are factored in along with tariff revenue and deregulation, the overall impact will be a total deficit reduction of $6.6 trillion over the next ten years.
The analysis contradicts claims by former Department of Government Efficiency (DOGE) frontman, Elon Musk, who slammed the bill on Tuesday, calling it a “disgusting abomination” and accusing lawmakers of saddling Americans with unsustainable debt. Musk’s turn against the Trump White House has set Republicans on Capitol Hill on the defensive just as the reconciliation legislation begins to work its way through the Senate.
