Group 1 - The CBO and JCT report indicates that if the Trump administration's spending plan and tax reform are implemented, federal debt will increase by approximately $2.8 trillion over the next decade, reflecting a $0.4 trillion increase from previous estimates due to the inclusion of macroeconomic factors [1] - The CBO forecasts that the proposed legislation will boost real GDP growth by 0.5 percentage points over the next ten years, but rising 10-year U.S. Treasury yields by 0.14 percentage points will lead to increased borrowing costs, outweighing the tax revenue growth from economic expansion [1] - By 2034, public-held federal debt is projected to rise to $33 trillion, reaching 124% of GDP, which is higher than the current baseline forecast of 117% [1] Group 2 - The Senate is reviewing its version of the tax reform bill, which continues the personal tax cuts initiated by Trump in 2017 and introduces new tax relief measures, including exemptions for tips and overtime pay [2] - The Senate bill proposes to permanently retain corporate R&D expense deductions, interest expense deductions, and full asset depreciation deductions, while maintaining a $10,000 cap on state and local tax (SALT) deductions, which has faced strong opposition from Republicans advocating for SALT reform [2] - The bill also aims to raise the debt ceiling by $5 trillion to avoid potential default risks, amidst overall Democratic opposition and internal Republican disagreements on key policies like Medicaid cuts [2]