US EditionThe GOP’s Massive Bill Would Add Trillions of Dollars to the Country’s Debt
- This week, the Senate approved a tax cut and spending bill projected to increase the national debt by trillions of dollars within the coming decade, and the measure has now returned to the House for further consideration.
- The bill extends many of the 2017 Trump tax cuts, creates new tax breaks, and increases spending on defense and immigration while cutting Medicaid and food assistance.
- Independent analyses estimate the bill would add between $3 trillion and $4 trillion to the debt and financially harm low-income Americans while benefiting the wealthy most.
- The Congressional Budget Office projects that 12 million individuals would lose their health coverage, individuals in the middle-income bracket could reduce their tax burden by several hundred to around one thousand dollars annually, and the wealthiest 10% would experience an average benefit of approximately $12,000.
- The bill’s passage implies worsening fiscal imbalance and calls for greater deficit reduction as the IMF cautions on debt impact and economic forecasts due in July.
17 Articles
17 Articles
(update) With Trump's bill, ICE becomes the third largest army in the world by operational budget?
Senate passes Trump’s class-war bill to cut taxes for the rich and wreck Medicaid. Schooley@schooley.bsky.social Credit where it's due. The stunt will draw attention to what's going on there from people that might not have been otherwise aware. How...
IMF Warns Trump Tax Bill Complicates Cutting Debt in Medium Term
The International Monetary Fund warned that President Donald Trump’s tax bill nearing final passage on Thursday is likely to complicate the task of reducing the US fiscal deficit and debt burden in the coming years.
The GOP’s massive bill would add trillions of dollars to the country’s debt
The massive tax cut and spending bill passed by the Senate this week is expected to add trillions of dollars over the next decade to an already hefty federal debt.The precise level of additional red ink depends on the forecast. The Yale Budget Lab says it would add $3 trillion over the next 10 years, while the Congressional Budget Office (CBO) estimates it would add $3.4 trillion. Meanwhile, the Committee for a Responsible Federal Budget puts th…
How GOPers Handle Their Bill May Trigger Massive Medicare Cuts
So here's the game Republicans are playing now. They didn't pass a PAYGO patch to their MAGA Murder Bill, which means that massive cuts to Medicare will begin without 60 Senate votes to fix it. They don't have 60 votes without the Democrats. Via Kiplinger: President Trump's new tax bill, passed in the House and now headed to the Senate, could yield billions in mandatory cuts to Medicare. That's because projected deficits in the tax bill could tr…
GOP's massive tax cut bill stalls as Freedom Caucus rebels over $3.4 trillion deficit hike
Speaker of the House Mike Johnson, R-La., talks with reporters before heading to the House chamber for a procedural vote on the "One, Big, Beautiful Bill Act" at the U.S. Capitol on July 2, 2025 in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)This report has been updated. WASHINGTON — U.S. House Republican efforts to pass the “big, beautiful bill” hit a roadblock Wednesday, when leaders left the chamber in a holding pattern for mor…
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