FIGURE 1
Impact on Federal Debt of the 2025 Budget Reconciliation Act

Percent of GDP (Fiscal year)

tpc
Source: Joint Committee on Taxation; Congressional Budget Office, Tax Policy Center macroeconomic models
Notes: OBBBA= One Big Beautiful Bill Act.
Updated 07-27-2025. Please see TaxVox: The 2025 Budget Reconciliation Act Will Increase Debt While Modestly Boosting The Economy for details.
Estimates compare debt held by the public under the law currently in place as of January 1, 2025 to a policy adopts all tax and spending provisions of the 2025 Budget Reconciliation Act, as enacted, including the macroeconomic effects and interest costs of the legislation.
Download image