The U.S. House of Representatives recently passed a sweeping tax and spending measure that has set off a firestorm of debate. Dubbed the "One, Big, Beautiful Bill Act," the measure extends tax cuts from 2017 and introduces new tax relief on tips, overtime pay, and even car loan interest. It also bumps up defense spending and directs more funds to combat illegal immigration.
But not everyone is cheering. Critics warn the bill could add roughly $3 trillion to the national debt while slashing vital support for low-income communities. Key parts of the plan include raising eligibility thresholds for Medicaid and food assistance, a move that may leave as many as 13 million people without essential help. As one senior economist put it, these cuts could hit hard for working-class voters already facing tough times.
Senate Minority Leader Chuck Schumer wasn’t holding back either, labeling the measure a "billionaire boondoggle" and warning that tighter Medicaid funding could lead to shuttered food relief stations and rural hospitals. Experts also point to the already unsettled U.S. Treasury market: with the national debt soaring past $36.2 trillion, even a slight uptick in treasury yields is setting off alarm bells.
Adding to the tension, Federal Reserve Governor Christopher Waller has warned that a $2 trillion deficit in recent years is "unsustainable," urging stricter fiscal discipline. The market is clearly on edge—with US Treasury yields on 30-year bonds recently spiking, investors remain cautious about the nation’s financial outlook.
As this bill makes its way to the Senate for further debate, the future of U.S. economic policy hangs in the balance. For young people tracking global trends, this is a defining moment where fiscal policy, political promises, and everyday livelihoods collide. Stay tuned as the discussion heats up, and join in on the conversation about what these changes really mean for America.
💬 What do you think about these bold moves? Drop your opinion in the comments!
Reference(s):
U.S. bill blasted for raising debt, cutting aid for low income groups
cgtn.com
