AMNA NAWAZ: From how the debt works# to the debate over it right now.

To look at what President Trump's# budget bill, which he calls the big,## beautiful bill, means for the U.S.# debt, congressional correspondent## Lisa Desjardins joins us now from# the super screen to explain it all.

So, Lisa, if this passes, it would be# the largest bill in dollar terms in## U.S. history.

Just kick us off with# what the money involved is here.

LISA DESJARDINS: Right.

Fo.. the end of the Trump tax cuts.

The question is,## is this something that adds to a different# potential crisis, an American debt crisis?

So let's look at the money flow in this bill,# and let's start with the tax cuts.

First of all,## Republicans are in fact adding some new tax# cuts here.

Those are the no taxes on tips,## overtime, some benefits for seniors.# These tax cuts are significant.

However,## they pale in comparison to the biggest cost in# the bill.

That is extending those Trump tax cuts.

All together, the Congressional Budget Office# says, the tax cuts in this bill add up to $3.7## trillion.

That's good news, in that that's# money taxpayers could keep, but it's also## bad news because it comes out of the federal# budget and potentially could add to deficits.

So did Republicans pay for this in the bill?# According to CBO, no.

The money saved in this## bill from the cuts, the spending cuts, is $1.3# trillion.

Now, this is a significant, historically## large number of spending cuts, health care cuts,# we have been talking about Medicaid, green energy,## student loans.

This is a big number, but it is# much smaller than the amount being spent here.

So, overall, Congressional Budget# Office says, this bill would add## $2.4 trillion to the deficit, and that is# even before you consider interest costs.

AMNA NAWAZ: So, Lisa, Republicans argue that# economic growth will help to pay for some of this,## which is harder to forecast.

But# based on what we do know right now,## what's their argument for why# this won't add to the deficit?

LISA DESJARDINS: Right.

It's important, because# you're going to be hearing this from that.

Republicans say, look at this biggest cost here,# the extension of the Trump tax cuts.

They say,## because these are the current tax rates,# they argue it shouldn't be counted against## the cost of the bill.

So let's just go# down this road with them for a second.

If## you take out the cost of extending the# tax cuts, then indeed the math flips,## and the money they're saving in this# bill is more than what they're spending.

So it would in fact be good for the deficit.# However, this ignores the reality that this bill## would in fact take all of this revenue out of the# federal budget.

It is significant in dollar terms,## but this is also significant politically.# And I'm going to explain to you why.

Republicans want to pass this bill through# something called budget reconciliation.

To## do that, they have to meet certain rules.

One of# them, they need a majority vote.

That's what they## want to get this through.

But they also have to# have a budget effect.

That's clearly in here.

But,## also one of the rules is they can't# increase the deficit over 10 years.

So this argument that you take out the current# Trump tax cuts is important politically as well.

AMNA NAWAZ: Lisa, we saw Paul Solman there# take us through a big picture look at the## debt.

But what exactly does the# trajectory look like right now?## And also what does it look# like if this megabill passes?

LISA DESJARDINS: This is so important.

Our# debt right now is soaring.

This is where we are## currently.

Right now, about 100 percent of GDP is# where our debt is.

And this is sort of the rough## trajectory, going up to 156 percent if we stay on# our current track, in the middle of this century.

Here's what this bill would do, according to the# Congressional Budget Office.

It would make this## curve even more steep for the first few years.# And then it would flatten out.

Essentially,## it just increases the debt curve, moves it up, so# we have an even higher percentage of debt-to-GDP.

AMNA NAWAZ: Lisa, all the efforts we have seen# from the president and Elon Musk to cut the size## of government and government spending, how do# those compare with the size of the deficit?

LISA DESJARDINS: Right.

It's# so important.

We have seen## so much about this idea of cutting# spending, cutting federal.. Let's talk about what it actually means# relatively.

So here is our current deficit.## I took the liberty of taking the $1.9# trillion, which is this year's deficit,## and making it sort of visual so that each# of these dots represents $10 billion.

Elon Musk and DOGE have said so far# that they have saved $180 billion.

Now,## we know this is not verified, and we know# some of it is actually unproven.

But let's## just go ahead and imagine that they did# actually save $180 billion.

Where does## that compare?

Look at that.

It is just# this much out of the entire deficit.

They have also been firing federal workers.

Now,# let's talk about if you fired every single federal## worker.

It'd be about $270 billion that you would# save.

What does that get you?

Just this much.

One last thing.

There's a rescissions package# of immediate cuts that President Trump has## put forth.

We have talked about that.# That would include the Corporation for## Public Broadcasting.

How much would that# save?

Ten billion dollars, just one dot.

So it's to say that, as much as President# Trump is trying to cut some spending,## it really doesn't do that much to# the deficit, at least not so far.

AMNA NAWAZ: All right, Lisa# Desjardins, thanks, as always.

LISA DESJARDINS: You're welcome.