WASHINGTON —

A new estimate from tthe nonpartisan Congressional Budget Office shows President Donald Trump's tax and spending law, the One Big Beautiful Bill Act , will add $4.1 trillion to federal deficits over the next decade — a roughly $700 billion jump from a previous CBO projection from a few weeks ago.

The analysis says higher interest rates will make it more expensive for the government to borrow and pay back debt. The government issuing more debt through bonds, a main source of raising revenue, will likely lead to the treasury having to pay higher rates of return on those bonds to secure investors.

The government bond market influences overall interest rates in the economy, and those rates are also expected to remain elevated. This means the average consumer will pay more

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