● On July 4th local time, President Trump in the US signed the new "Large and Beautiful" Tax and Spending Act into law.
● The day before, on July 3rd, the House of Representatives narrowly passed it — 218 votes for, 214 against. The Senate had already approved the bill earlier in the month, on July 1st. Many people in the US are worried that this new bill could make the country's budget problems worse, adding to concerns about increasing debt and deficits.
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● The "Large and Beautiful" bill is a big piece of legislation brought forward by Trump after he got back to the White House in early 2025. It mainly aims to extend the tax cuts for both big companies and individuals that Trump put in place back in 2017 during his first term. The bill also proposes things like making tips and overtime pay tax-free. But the biggest part of it is lowering corporate taxes.
● The bill has stirred up a lot of debate because it cuts federal aid, adds to long-term debt, and gives tax breaks to the wealthy and big corporations. The New York Times points out that it’s pushing the U.S. onto a riskier financial course. Even early estimates suggest that over the next decade, this bill could add around $3.3 trillion to the national deficit and cut down tax revenue for many years afterward. This shift might change the way the country manages its finances and could make the debt problems worse.
● Riddle, who’s a senior researcher at the Manhattan Institute, a US think tank, said this could end up being the most expensive law passed since the 1960s. The problem is, with the deficit already pretty high, Congress plans to borrow trillions more. Jason Furman, a former chair of the Council of Economic Advisers under President Obama, mentioned that this bill might make it harder for lawmakers to keep debt under control.
● Right now, the U.S. national debt is at $36.2 trillion. Media outlets in America point out that since the debt is already at a record high, the growing bill will make the country's long-term budget problems even worse. They also mention that accumulating more debt could hurt future generations.
● Last May, Moody's, a big credit rating group from abroad, lowered the U.S. government's credit score. This happened partly because the U.S. has more debt and has to pay more interest. It’s now the third major agency to give the U.S. a lower rating.
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