Overview

• The One Big Beautiful Bill, signed last week by President Trump, extends permanent tax cuts and enacts significant spending reductions to Medicaid, SNAP, education and clean energy programs.
• The nonpartisan Congressional Budget Office projects the law will add approximately $3.3 trillion to the national debt over the next decade.
• Yale’s Budget Lab estimates that reduced social-program funding could cause up to 10,000 excess deaths in the first ten years.
• Summers argued that cuts to housing and energy subsidies, combined with higher interest rates, risk driving inflation, recession and stagflation pressures on middle-class families.
• He decried the legislation’s provision directing roughly $1 million over ten years to the wealthiest 0.1 percent as undermining economic equity and national priorities.