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Source: CBO: Estimated Budgetary Effects of an Amendment in the Nature of a Substitute to H.R. 1, the One Big Beautiful Bill Act, Relative to CBO's January 2025 Baseline | Congressional Budget Office. and Bloomberg Finance L.P., as of July 1, 2025. Impacts of Reconciliation Bill-16%-14%-12%-10%-8%-6%-4%-2%0%2010 2014 2018 2022 2026 2030 2034U.S. Deficit to GDPBloomberg Economics ForecastHomeland SecurityMedicare & MedicaidAgriculture, Nutrition, and ForestryCongressional Budget Office (CBO)Select Sectors FY 2025 - FY 2034Increase deficit by $4.6 trillionDecrease deficit by $120 billionIncrease deficit by $129 billionDecrease deficit by $1.1 trillionTotal Deficit Impact: $3.3 Trillion IncreaseOther Spending CutsDecrease deficit by $371 billionTCJA & Tax CutsArmed ServicesIncrease deficit by $149 billionFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.comCITY OF REDWOOD CITY137.A. - Page 19 of 6329