By Chris Matthews

The Committee for a Responsible Federal Budget estimates that the total bill could cost anywhere from $5 trillion to $11 trillion, depending on how aggressively Congress looks to pursue the president's priorities.

"The text of the budget resolution says clearly that they are counting on $2 trillion from the administration," Henrietta Treyz, director of economic policy at Veda Partners, told MarketWatch.

Though the text doesn't specify tariff revenue, Treyz said that for GOP senators, tariff revenue is more politically palatable than other forms of budget savings, like unpopular cuts from Elon Musk's government efficiency effort or relying on cuts to popular programs like Medicaid.

"The whole $2 trillion basket that they are incorporating into their budget to offset deficit increases they'll incur are coming from those tariffs," she added.

Republicans are deeply divided over tax and spending policies, and with small majorities in both the House and Senate, bridging those gaps has so far proved difficult.

Estimates for how much money the tariffs will raise vary widely, given there is little precedent for tariffs of this magnitude.