The White House is intensifying its push to rally support for the GOP's major tax legislation, which is on the brink of a critical Senate vote. The Council of Economic Advisers (CEA) is set to deliver its initial analysis of the Senate bill to Congress this Wednesday, building on a draft released last week by the Senate Finance Committee.

According to the analysis, the legislation, referred to as the One Big Beautiful Bill Act, aims to lay a robust economic foundation by boosting investment, increasing GDP, and enhancing American families' financial well-being through higher wages and reduced taxes. The CEA projects that the Senate's tax plan could generate over $100 billion in investments and create more than 1 million new jobs over a decade. Additionally, the economic growth stimulated by the tax overhaul is expected to slash the deficit by $2.1 to $2.3 trillion and help reduce the national debt.

However, this optimistic forecast is not universally accepted. Many economists are skeptical, arguing that the tax breaks for businesses in the bill are too modest to significantly fuel growth, especially when compared to the expansive cuts in the 2017 tax legislation. Critics believe that the focus on individual tax cuts, coupled with increased debt, could lead to higher interest rates and ultimately hinder economic expansion.

The nonpartisan Congressional Budget Office (CBO) has not yet released a comprehensive evaluation of the Senate bill but has indicated in its review of the House-passed bill that any revenue gains from economic growth could be offset by rising debt-service costs due to increased interest rates.

In a positive turn for Senate Majority Leader John Thune, Finance Chair Mike Crapo, and other Republican members of the Finance Committee, the White House's analysis suggests that making certain business tax cuts permanent could substantially boost investment and wages. This permanence is a key focus for Thune, Crapo, and others despite its higher cost.

As the Senate prepares for the upcoming vote, Republicans are likely to leverage the CEA's findings to champion their tax plan and counter potential criticism from the CBO. Earlier this year, the CEA provided a similarly favorable review of the House's bill, which Speaker Mike Johnson has used to argue against the notion that the bill would increase the national debt. Despite this, fiscal conservatives in the House have expressed concerns, and Senate Republicans are encountering similar skepticism from within their ranks.

With the Senate vote drawing near, the battle lines are being drawn as lawmakers weigh the potential economic benefits against the risks of increasing the national debt. The outcome of this legislative effort could have significant implications for the U.S. economy and the political landscape.