Larry Summers said the bill likely would not make the economy stronger, and flagged concerned over the amount it would add to the US debt.

The federal budget deficit is back in the spotlight after the Republican-controlled Congress approved a massive tax and spending package on July 3 aimed at realizing President Donald Trump’s domestic agenda.

The CBO says it would add $3.4 trillion to the deficit over the next decade. For decades, fiscal hawks have warned about the devastating consequences of ballooning U.S. debt. But economists say this time around is different: The debt is now so large that piling more on top of it as part of President Donald Trump's massive tax cut and spending bill could set the country on a dangerous path.