Overview

• The One Big Beautiful Bill locks in $4.5 trillion in permanent Trump-era tax cuts, eliminates hundreds of billions in clean energy credits, and mandates expanded federal oil, gas and coal leasing with lower fees.
• New work requirements and funding cuts in Medicaid and SNAP are scheduled to phase in after 2026, with the CBO warning they could strip health and food assistance from up to 16 million people by 2034.
• A July 7 executive order directs the Treasury to reject new clean energy subsidy applications unless projects are already underway and tasks the Interior Department with revising renewable permitting rules.
• Princeton researchers project that the law will slow U.S. emissions reductions to just a 20% decline by 2030—versus 25% under prior policies—and raise household energy bills by more than $280 annually by 2035.
• Democrats and some moderate Republicans have already made the law’s cuts to healthcare, food aid and renewables a centerpiece of their messaging for the 2026 midterm campaigns.