Executive Summary The "One Big Beautiful Bill Act" passed by the U.S. House of Representatives combines sweeping tax cuts, border security funding, and reductions to social safety net programs. While proponents frame it as economic stimulus, critics warn it risks exacerbating fiscal deficits, deepening inequality, and undermining long-term economic stability. This report synthesizes the bill’s projected impacts on federal finances, household welfare, and political dynamics, drawing on Congressional Budget Office (CBO) analyses, credit agency assessments, and advocacy group critiques. Spotify 1. Fiscal and Economic Impacts 1.1 Deficit Expansion Tax Cuts : $3.8 trillion in permanent tax reductions, including: Extension of Trump-era individual/business tax cuts (cost: $2.1 trillion). New exemptions for tipped wages, overtime pay, and SALT deductions. Spending Cuts : $1 trillion in reductions to Medicaid, SNAP, and student loan relief. Net Deficit Impact : Despit...
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