President Trump signed a comprehensive tax and spending bill on the Fourth of July, fulfilling campaign promises. The legislation includes significant tax cuts, increased spending on immigration enforcement and the military, and cuts to Medicaid. The bill is projected to add trillions to the national debt while reducing tax revenues and potentially leading to millions losing health insurance. Despite some Republican opposition, the bill narrowly passed Congress, setting the stage for a political battle over its economic impact.
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The “One Big Beautiful Bill Act” (OBBB), a 940-page budget reconciliation bill, proposes $3.8 trillion in tax cuts and spending that could add $4.5 trillion to the national debt. Senate Democrats, led by Chuck Schumer, are delaying the bill’s passage by requiring it to be read aloud in its entirety, a process estimated to take at least 15 hours. This move aims to highlight the bill’s contents, which include tax breaks for billionaires, potential cuts to healthcare and food assistance, and giveaways to fossil fuel companies. Some Republicans, including Marjorie Taylor Greene, have admitted to not fully understanding the bill’s contents before voting on it, further intensifying the debate surrounding its weighty consequences.
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Senate Republicans unveiled a 940-page bill on Friday, aiming for a Saturday vote on President Trump’s agenda, including tax cuts, increased military spending, and funds for deportations, along with cuts to Medicaid and clean energy. The bill, expected to add $4 trillion to the national debt, faces internal Republican opposition, with several senators voicing concerns over its contents and the process. Key provisions include extending tax cuts, a $5 trillion debt ceiling increase, and a controversial Medicaid provision that could jeopardize support from some Republicans. While the GOP hopes to utilize the budget reconciliation process, the bill’s passage remains uncertain, with the House and potential presidential involvement still in the picture.
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The U.S. government’s deficit swelled to over $316 billion in May, pushing the year-to-date total to $1.36 trillion—a 14% increase compared to the previous year. Soaring interest payments on the $36.2 trillion national debt, exceeding $92 billion, were a primary driver, despite a 15% rise in May tax revenue. While tariff collections contributed positively, the deficit’s magnitude, exceeding 6% of GDP, has prompted warnings from prominent financial leaders about potential economic instability.
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The Congressional Budget Office estimates the Republican tax and spending bill will slash Medicaid by over $700 billion and food stamps by nearly $300 billion, resulting in approximately 16 million people losing health insurance and potentially 51,000 preventable deaths annually. Despite these drastic cuts, the bill includes $3.7 trillion in tax cuts, increasing the national debt by $2.4 trillion by 2034, with the wealthiest Americans receiving the largest tax benefits. This debt increase is particularly concerning given high interest rates and the bill’s regressive impact. Even some House Republicans have expressed regret over the bill’s provisions.
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The Congressional Budget Office (CBO) projects the House GOP’s reconciliation package will increase the national debt by $2.4 trillion over ten years, despite significant cuts to programs like Medicaid and SNAP. This is due to $3.75 trillion in tax cuts disproportionately benefiting the wealthy, only partially offset by spending reductions. The CBO also estimates 10.9 million people will lose health insurance under the plan. Critics widely condemn the bill as fiscally irresponsible and exacerbating wealth inequality, while Republicans attempt to discredit the CBO’s findings.
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Senator Rand Paul vehemently opposes the proposed budget bill, citing a projected $5 trillion increase to the national deficit as his primary reason for dissent. This stance directly contradicts President Trump’s support for the legislation. Paul’s criticism centers on the bill’s inclusion of a substantial debt ceiling increase. The ensuing controversy highlights a significant rift between Paul and Trump.
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Wisconsin Senator Ron Johnson, along with other Republican senators like Rand Paul and Josh Hawley, strongly opposes the proposed “One Big, Beautiful” spending bill due to its substantial increase to the national debt and expansion of tax cuts for high-income earners. Johnson argues the bill’s increased spending is fiscally irresponsible and morally wrong, contradicting the stated goal of deficit reduction. Despite this opposition, House Speaker Mike Johnson remains confident in the bill’s passage with bipartisan support. However, Senator Johnson believes sufficient Republican opposition exists in the Senate to halt the bill unless significant spending cuts are implemented.
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Republican Senators Ron Johnson and Rand Paul voiced strong opposition to President Trump’s budget bill, citing its significant increase to the national debt—projected at $3.1 trillion over ten years by the CBO. Their concerns center on the bill’s tax cuts and increased spending, which they deem fiscally irresponsible. Paul conditionally supports the bill only if the $4 trillion debt ceiling increase is removed, while Johnson called the bill “immoral.” The bill’s passage in the Senate faces uncertainty given the narrow Republican majority and the growing number of GOP senators expressing reservations.
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John Q. Hosedrinker