The latest version of the One Big Beautiful Bill Act, the legislation central to implementing President Donald Trump’s agenda, could increase the federal deficit by nearly $2.8 trillion by 2034, according to the latest estimates. 

That news comes from the nonpartisan Congressional Budget Office (CBO), which advises Congress on the budgetary impact of proposed laws. 

The latest increase estimate, released on June 17, was increased from the estimate of $2.4 trillion made two weeks ago. 

The previous estimate accounted for changes in revenue and spending but did not predict how the bill would affect the U.S. economy, according to the CBO statement.

After a more lengthy analysis that included a projection of economic growth, changes in interest rates, and inflation, the CBO issued its revised 10-year projection. 

The Congressional Budget Office estimate provides incomplete information, according to White House spokesperson Kush Desai.

“Reporting that takes CBO scoring about The One, Big, Beautiful Bill at face value should also take the CBO’s tariff revenue estimate of $2.8 trillion at face value, which together cancel out to no change to the deficit,” Desai told The Epoch Times by email.

Desai added that the Congressional Budget Office had failed to predict the economic gains of Trump’s first term in 2017.

The news comes as the Senate is considering the legislation, which the House passed by a single vote last month. The Senate also has a slim majority, so Majority Leader John Thune (R-S.D.) can afford to lose only three Republican votes and still pass the bill. 

Sen. Mike Crapo, chair of the Finance Committee, released a draft of the bill on June 16, which included a provision to reduce states’ ability to tax Medicaid providers. 

Sen. Josh Hawley called the proposal “alarming,” saying that it threatened the survival of financially challenged rural hospitals that depend heavily on Medicaid revenue. 

Hawley also criticized the bill for delaying the phase-out of some so-called green-energy tax credits implemented by the Inflation Reduction Act, one of President Joe Biden’s signature accomplishments.

House Republicans, including Reps. Mike Lawler and Nicole Malliotakis, both from New York, criticized the Senate for not increasing the federal tax deduction for state and local taxes, something they and others from high-tax states had fought to include in the House bill. 

Democrats in both houses oppose the bill almost entirely, saying that it gives tax breaks to the wealthy by cutting health care spending for the working poor.