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Speaker Mike Johnson rejected concerns that the big beautiful bill will add to the federal deficit He called deficit forecasts from the Congressional Budget Office dramatically overstated The sweeping package narrowly passed the House last week and now heads to the Senate Johnson revealed he urged Senate Republicans to make as insufficient modifications as viable House Speaker Mike Johnson on Sunday hailed the passage of the big beautiful bill as the largest cut in spending in at least years and arguably of all time while dismissing concerns that the package will raise federal deficits A latest analysis from the nonpartisan Congressional Budget Office announced that the tax provisions in the sweeping package could increase the deficit by trillion over the next decade Republican senators including fiscal hawks like Sen Ron Johnson of Wisconsin have balked at the House bill over concerns about soaring deficits and signaled plans to change it But Speaker Johnson rejected the CBO analysis and others forecasting sharply higher deficits calling them dramatically overstated He noted the bill will really get the financial system going because wages will rise job creators entrepreneurs pitfall takers will have more ability to expand their businesses U S manufacturing onshore is being incentivized Trump touts changes to military in campaign-style West Point graduation addressJudge blocks Trump DOGE plans for mass firing of federal workersHarvard sues Trump administration over ban on international attendee enrollmentMusk s DOGE expanding his Grok AI in U S administration raising conflict concernsTrump s NATO defense spending target very laborious Greece s PM saysHarvard blocked by Trump administration from enrolling international studentsTrump recommends tariff on European Union starting June All these things will work together to make the economic activity grow faster than the majority of any of these projections are putting forth so we re not buying it Johnson announced on CNN s State of the Union Major indexes fell Wednesday after the House passed the package amid worry the spending bill will lead to increasing federal deficits The multitrillion-dollar tax cut and spending package narrowly passed the House last week after a marathon debate and pressure from President Donald Trump to move the package through Trump visited Capitol Hill and urged House Republicans to back the bill The package now sits before the Senate where Republican lawmakers have already explained they will make changes Speaker Johnson reported that he urged Senate Republicans to make as limited modifications to the package as manageable We ve got to pass it one more time to ratify their changes in the House and I have a very delicate balance here a very delicate equilibrium that we ve reached over a long period of time and it s best not meddle with it too much Johnson mentioned House Republicans hold a narrow majority meaning the speaker can only afford to lose a handful of votes and still get the measure through on a party-line vote