Overview

• Treasury Secretary Scott Bessent warned Congress that failing to pass the package could trigger a financial crisis the likes of which haven’t been seen since 2008.
• The Congressional Budget Office projects the act would increase the federal deficit by $2.4 trillion over the next decade and add $550 billion in interest costs.
• Senators Rand Paul and Ron Johnson have voiced fiscal objections, setting up a showdown with leadership over the bill’s spending cuts and tax extensions.
• The national debt stands at $36 trillion, and annual interest payments on that debt reached $1.1 trillion in 2024.
• A recent Economist/YouGov poll finds 56% of Americans agree the legislation will significantly increase the deficit following Elon Musk’s criticism.