The tax increase should help with revenues, but I'll wait 5 months to check into how the CBO sees things balancing out based on the total picture. Right now I have no expectations one way or other.
The Budget and Economic Outlook for 2025-2035 dated January 17, 2025 stated:
In CBO’s projections, the federal budget deficit in fiscal year 2025 is $1.9 trillion. Adjusted to exclude the effects of shifts in the timing of certain payments, the deficit grows to $2.7 trillion by 2035. (
Source)
The next edition of
The Budget and Economic Outlook, covering the 2026-2036 period, will discuss the budgetary and economic effects of the recent reconciliation legislation, as well as the effects of tariffs, immigration, and other changes. (
Source)