The One Big Beautiful Bill Drives Deficit Reduction

Washington, D.C.-- The One Big Beautiful Bill Act achieves record savings with a combination of historic spending reductions and provisions that power economic growth. This legislation represents a long-overdue step to stabilize our country’s fiscal trajectory.

“The way to address the deficit is not to tax hardworking taxpayers more, it is to grow the economy and spend less. According to the Congressional Budget Office, the bill cuts federal spending by over $1.5 trillion and reduces the deficit by roughly $400 billion. That does not include the bill’s pro-growth elements, which the Council of Economic Advisers estimates will increase federal revenues by more than $4 trillion, adding up to nearly $4.5 trillion in deficit reduction,” said Finance Committee Chairman Mike Crapo (R-Idaho).

Savings and Deficit Reduction:

• $366 billion in deficit reduction, according to CBO
• $1.6 trillion in mandatory spending reductions: The White House
• $4 trillion in economic growth generated, per CEA

Economic Growth Projections:

• $248 billion in economic growth will come from the manufacturing sector alone, per NAM
• Permanence for the [bill’s] four cost recovery provisions would more than double the long-run economic effect, per Tax Foundation
• Making the small-business deduction permanent will create 1.2 million jobs over ten years, growing to 2.4 million jobs in the long run, per NFIB

Click HERE to learn more about the Finance Committee provisions in the One Big Beautiful Bill Act.

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