Republicans shrug off alarms over nation’s ballooning debt, forward Trump’s tax agenda

President Trump and Congressional Republicans are pushing for a tax-cut agenda, despite warnings that it will increase the federal debt. Elon Musk, a former Trump ally, has publicly criticized the bill, calling it a "disgusting abomination." Top Republicans, including Senate Finance Committee Chairman Mike Crapo, are determined to pass the bill, dismissing warnings from the Congressional Budget Office and outside experts. The CBO estimates that the bill will add $2.4 trillion to the debt over 10 years, with interest costs bringing the total to $3 trillion. If the bill's temporary business tax breaks are made permanent, the debt could reach $46.9 trillion by 2029. A majority of Americans from both parties are concerned about the growing government debt. Analysts say voters are more concerned about retaining benefits like Medicaid and worry about inflation and healthcare affordability. The growing debt burden could lead to higher interest rates, making household borrowing more expensive. Republican arguments that the bill will stimulate economic growth and pay for themselves are also disputed by independent analysts. The legislation has raised concerns about a potential debt spiral, with experts warning of a fiscal crisis if global interest rates rise.