The tax cuts in President Donald Trump’s One Big Beautiful Bill Act would likely gouge a hole in the federal budget. The president has a patch handy, though: his sweeping import taxes — tariffs. The Congressional Budget Office,

Republican senators are rejecting the White House argument that extending President Donald Trump’s tax cuts can be paid for with tariff revenue. The administration’s notion of offsetting tax cuts with a tax increase via tariffs,

The president cited figures from the Congressional Budget Office to suggest tariffs could offset the cost of tax cuts, though he omitted important caveats for why that may not be the case.