Source: US Congressional Budget Office
CBO estimates that Public Law 119-21 will result in a net decrease in the unified budget deficit totaling $366 billion over the 2025-2034 period, relative to the budget enforcement baseline for consideration in the Senate. That decrease in the deficit is estimated to result from a decrease in direct spending of $1.2 trillion and an decrease in revenues of $849 billion.
Some of those budgetary effects are associated with programs that are classified as off-budget. The decrease in the on-budget deficit over that period is estimated at $380 billion.