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WASHINGTON — The House-passed budget reconciliation bill would increase deficits by $2.4 trillion over a decade and ultimately result in nearly 11 million individuals losing access to health insurance, the Congressional Budget Office said Wednesday.

The new numbers are largely in line with preliminary estimates but nonetheless could complicate the path forward for President Donald Trump’s “big, beautiful” budget package, which is undergoing a thorough Senate review this week. Democrats were quick to jump on the CBO score.

“Even after the biggest cuts to health care and food assistance in U.S. history, the Republican bill for billionaires would still add a historic amount to our debt — all to give the ultra-rich more tax breaks,” House Budget ranking member Brendan F. Boyle, D-Pa., said in a statement.

“In the words of Elon Musk, this bill is a ‘disgusting abomination,’” he continued.

House Speaker Mike Johnson said he called Musk late Tuesday to discuss the criticism but had not heard back. “I hope he comes around,” Johnson told reporters.

But Musk, whose business interests could be impacted by green energy rollbacks in the bill, piled on, imploring voters to call their representatives and senators: “Bankrupting America is NOT ok!” he wrote on social media, “KILL the BILL”

Along with $3.75 trillion to extend the 2017 tax breaks and add the new ones Trump campaigned on, including no taxes on tips, it found that the package would reduce federal spending outlays by nearly $1.3 trillion, largely through proposed reductions to Medicaid and rollbacks of green energy initiatives.

Some 7.8 million people would no longer have health insurance with changes to Medicaid, including 5.2 million from the proposed new work requirements on those able-bodied adults up to age 65, with some exceptions, according to the analysis.

The data doesn’t include the so-called dynamic effects of the bill on the economy, which could lower the overall price tag. The Joint Committee on Taxation, which analyzes tax provisions, previously said an earlier version of the House bill would cost about $100 billion less than advertised because of positive growth effects. The CBO said an updated economic analysis of the full package will be forthcoming.

Republicans have repeatedly bashed the CBO methodology, particularly for allegedly low-balling baseline economic forecasts at about 1.8% annual growth.

White House Budget Director Russ Vought said when you adjust for “current policy,” which means not counting some $4.5 trillion in existing tax breaks that are simply being extended for the next decade, the overall package actually doesn’t pile onto the deficit. He argued that the spending cuts alone, in fact, help reduce deficits by $1.4 trillion over the decade.

“Russ is right,” Johnson, the House speaker, posted on social media. “Our One Big Beautiful Bill will REDUCE the deficit WHILE delivering on the mandate given to us by the American people. Let’s get it done!”

Trump called that estimate “ridiculous and unpatriotic” in a post on his social media network, Truth Social.

A separate analysis by the CBO predicted that Trump’s s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

Baked into the CBO’s tariff analysis is a prediction that households would ultimately buy less from the countries hit with added tariffs.

The budget office estimates that the tariffs would increase the average annual rate of inflation by 0.4 percentage points in 2025 and 2026.

The European Union on Monday said it is preparing “countermeasures” against the United States after the Trump administration’s surprise tariffs on steel rattled global markets and complicated the ongoing, wider tariff negotiations between Brussels and Washington.

Last week, ahead of Friday’s surprise announcement, EU Commission President Ursula von der Leyen and U.S. President Donald Trump agreed to “accelerate talks” on a deal.

“In the event that our negotiations do not lead to a balanced outcome, the EU is prepared to impose countermeasures, including in response to this latest tariff increase,” European Commission spokesperson Olof Gill told a press conference in Brussels.

He said the EU is finalizing an expanded list of countermeasures that would automatically take effect on July 14 or earlier. That’s the date when a 90-day pause, intended to ease negotiations, ends in tariffs announced by the two economic powerhouses on each other.

Earnings show home cooking on the rise

The Campbell’s Co. said it saw stronger sales of broth and condensed soup in its latest quarter as more Americans cooked their meals at home.

“Consumers continue to cook at home and focus their spending on products that help them stretch their food budgets, and they’re increasingly intentional about their discretionary snack purchases,” Campbell’s President and CEO Mick Beekhuizen said during a conference call with investors.

Beekhuizen said Campbell’s saw the highest level of meals cooked at home since early 2020 in its fiscal third quarter, which ended April 27. Campbell’s noted sales of its broths rose 15% during the quarter while sales of its Rao’s pasta sauces were up 2%.

But Campbell’s said sales of its snacks, including Goldfish crackers and Cape Cod potato chips, fell 4% during the quarter.