Unpacking the consequences of the new US tax and budget legislation

Unpacking the consequences of the new US tax and budget legislation

Jason Furman, Joshua D. Rauh, Kimberly Clausing, and Maurice Obstfeld share their perspectives on the recent Republican budget legislation, referred to as the One Big Beautiful Bill Act (OBBBA). They discuss the impacts of the legislation on the country's fiscal stance, the macroeconomy, and tax policy goals. The conversation also considers the impact of the legislation on the rest of the world, examining consequences for global collective actio…