The legislation extends Trump's 2017 multi-trillion dollar tax cuts and cuts Medicaid and food stamps by $1.2 trillion.

President Donald Trump will be celebrating the Fourth of July by signing his massive spending bill that narrowly passed in Congress this week.

The CBO says it would add $3.4 trillion to the deficit over the next decade. For decades, fiscal hawks have warned about the devastating consequences of ballooning U.S. debt. But economists say this time around is different: The debt is now so large that piling more on top of it as part of President Donald Trump's massive tax cut and spending bill could set the country on a dangerous path.

The Congressional Budget Office (CBO), for instance, found that it would add $3.4 trillion to the debt by the end of 2034. The national debt currently stands at more than $36 trillion. The Cato report,

President Donald Trump’s tax-cut package cleared its final hurdle in the U.S. Congress on Thursday, as the Republican-controlled House of Representatives narrowly approved the massive bill and sent it to him to sign into law.