{"id":11339,"date":"2025-06-05T10:04:50","date_gmt":"2025-06-05T02:04:50","guid":{"rendered":"https:\/\/tingchao.xyz\/?p=11339"},"modified":"2025-06-05T15:31:55","modified_gmt":"2025-06-05T07:31:55","slug":"vought-estimates-that-tariffs-will-reduce-deficit-major-part-of-argument-for-big-beautiful-bill","status":"publish","type":"post","link":"https:\/\/tingchao.xyz\/?p=11339","title":{"rendered":"Vought: Estimates that tariffs will reduce deficit \u2018major part\u2019 of argument for \u2018big, beautiful bill\u2019"},"content":{"rendered":"\n
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President Trump\u2019s budget chief Russell Vought argued that the prediction the tariffs will take a major bite out of U.S. deficit levels is a key part of the administration\u2019s argument for the GOP\u2019s \u201cbig, beautiful bill.\u201d<\/p>\n\n\n\n

The Congressional Budget Office (CBO) found Wednesday that Trump\u2019s tariffs will reduce the deficit by $2.5 trillion over the next decade, while also finding that the bill passed by the House would add $2.4 trillion to deficits through 2034.<\/p>\n\n\n\n

Vought, who is the director of the Office of Management and Budget, said that the tariffs shrinking the size of the U.S. government should be \u201cpart of the story\u201d for the megabill.<\/p>\n\n\n\n

\u201cThe fact that it\u2019s not carried in the bill does not mean that it\u2019s not part of a coherent fiscal agenda. And so when we look at all of the moving parts that this administration has been a part of, it is a major part of it,\u201d Vought told reporters.<\/p>\n\n\n\n

\u201cI think it is a very fair item for us to include in our fiscal arguments that we\u2019re going to be telling the story about. In just five to six months, we\u2019re essentially taking a third of the entirety of the problem head on, and if our actions are decisive and paradigm-shifting, they will accrue over many years,\u201d he added.<\/p>\n\n\n\n

Senate GOP talks cutting Medicare ‘waste, fraud’ to offset cost of Trump tax bill<\/p>\n\n\n\n

Next<\/p>\n\n\n\n

Stay<\/p>\n\n\n\n

The tariffs measured by the CBO included those that Trump implemented from Jan. 6 to May 13, which includes the trade truce with China announced on May 12.<\/p>\n\n\n\n

Meanwhile, Trump\u2019s \u201cbig, beautiful bill\u201d has faced pushback from fiscal hawks and former top adviser Elon Musk over its potential to add to the nation\u2019s deficit.<\/p>\n\n\n\n

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The CBO estimated the proposed tax cuts in the plan, which lock in expiring provisions in Trump\u2019s 2017 tax law, and other add-ons would decrease revenues by more than $3.6 trillion over the next decade, while accompanying measures to cut federal spending, like reforms to Medicaid and the Supplemental Nutrition Assistance Program, would reduce outlays by $1.2 trillion.<\/p>\n\n\n\n

Musk has called for killing the House bill after he called the legislation passed by the House \u201cpork-filled\u201d and a \u201cdisgusting abomination\u201d the day before.<\/p>\n\n\n\n

Vought brushed off the criticism and suggested the White House isn\u2019t worried about the effort to scrap the legislation that passed the House.<\/p>\n\n\n\n

\u201cI think we\u2019re in a very good place on the bill. We\u2019re having excellent conversations with the Senate,\u201d he said. \u201cI don\u2019t think the extent to which there are opposing views on the outside are hurting our ability to pass this bill. I really don\u2019t.\u201d<\/p>\n\n\n\n

Speaker Mike Johnson (R-La.) also told reporters Wednesday that there isn\u2019t time for a new bill in response to Musk\u2019s comments.<\/p>\n\n\n\n

\u201cWe worked on the bill for almost 14 months. You can\u2019t go back to the drawing board, and we shouldn\u2019t,\u201d Johnson said. \u201cWe have a great product to deliver here. So I know it doesn\u2019t \u2026 it\u2019s not perfect by some peoples\u2019 estimations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

President Trump\u2019s budget chief Russell Vought argued that the prediction the tariffs will take a major bite out of U.S. deficit levels is a key part of the administration\u2019s argument for the GOP\u2019s \u201cbig, beautiful bill.\u201d The Congressional Budget Office (CBO) found Wednesday that Trump\u2019s tariffs will reduce the deficit by $2.5 trillion over the […]<\/p>\n","protected":false},"author":6,"featured_media":11340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[2070,3261,2487],"class_list":["post-11339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","tag-bill","tag-part","tag-tariffs"],"yoast_head":"\nVought: Estimates that tariffs will reduce deficit \u2018major part\u2019 of argument for \u2018big, beautiful bill\u2019 - 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