Overview

• The Senate is reviewing the ‘One Big Beautiful Bill Act’ after its narrow 215-214 passage in the House late last month.
• The nonpartisan Congressional Budget Office projects the legislation would increase federal deficits by about $2.4 trillion over ten years and incur $550 billion in interest costs.
• Treasury Secretary Scott Bessent told the House Ways & Means Committee that it is unknown if the bill will add to the $36 trillion national debt.
• Elon Musk and 56% of respondents in an Economist/YouGov poll warned the proposal would significantly worsen the deficit and burden Americans with unsustainable debt.
• The bill would extend the 2017 tax cuts and boost funding for defense and border security while cutting Medicaid and SNAP, drawing opposition from Democrats and some Republican budget hawks.