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WASHINGTON (AP) 鈥� President Donald Trump鈥檚 big bill making its way through Congress will cut taxes by $3.7 trillion but also increase deficits by $2.4 trillion over the next decade, according to an analysis released Wednesday by the nonpartisan Congressional Budget Office.

The CBO also said the package would reduce federal outlays, or spending, by $1.3 trillion over that period.

The analysis comes at a crucial moment in the legislative process as Trump is pushing Congress to have the final product on his desk to sign into law by Fourth of July. The work of the CBO, which for decades has served as the official scorekeeper of legislation in Congress, will be weighed by lawmakers and others seeking to understand the budgetary impacts of the sprawling 1,000-page plus package.

Ahead of CBO鈥檚 release, the White House and Republican leaders criticized the budget office in a pre-emptive campaign designed to sow doubt in its findings.

White House Press Secretary Karoline Leavitt said CBO has been 鈥渉istorically wrong鈥� and Senate Majority Leader John Thune said the CBO was 鈥渇lat wrong鈥� because it underestimated the potential revenue from Trump鈥檚 first round of tax breaks in 2017. The CBO last year said receipts were $1.5 trillion or 5.6% greater than predicted, in large part because of the 鈥渂urst of inflation鈥� during the COVID-19 pandemic in 2021.

Leavitt also suggested that CBO鈥檚 employees are biased, even though certain budget office workers face strict ethical rules 鈥� including restrictions on campaign donations and political activity 鈥� to ensure objectivity and impartiality.

Alongside the costs of the bill, the CBO had previously estimated that 8.6 million people would no longer have health care and 4 million fewer would have food stamps each month due to the legislation鈥檚 proposed changes to Medicaid and other programs.

The bill, called the 鈥淥ne Big Beautiful Bill Act鈥� after the president鈥檚 own catch phrase, is grinding its way through Congress, as the top priority of Republicans, who control both the House and Senate 鈥� and face stiff opposition from Democrats at every step in the process.

Democrats call it Trump鈥檚 鈥渂ig, ugly bill.鈥�

All told, the package seeks to extend the individual income tax breaks that had been approved in 2017, but will expire in December if Congress fails to act, while adding new ones, including no taxes on tips. It also includes a massive buildup of $350 billion for border security, deportations and national security.