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The House-passed version of President Donald Trump’s tax and spending bill would add $2.42 trillion to US budget deficits over the next decade, according to a new estimate from the nonpartisan Congressional Budget Office.

The CBO’s calculation, released Wednesday in its so-called scoring of the “One Big Beautiful Bill,” reflects a $3.67 trillion decrease in expected revenues and a $1.25 trillion decline in spending over the decade through 2034, relative to baseline projections. The score doesn’t account for any potential boost to the economy from the bill, which could offset some of the revenue losses.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Republican Senator Bill Hagerty of Tennessee.
• Democratic Senator Elizabeth Warren of Massachusetts.
• Bloomberg Politics Contributor Jeanne Sheehan Zaino and Lighthouse Public Affairs Founder Chapin Fay.