A comprehensive tax and spending plan that is expected to raise the national debt by $3.3 trillion, approved by the US Senate

Regarding One Big Beautiful Bill:

It is a 940-page legislative package that merges tax reforms, reductions in spending, and modifications to policies, including:

Tax Reductions – Prolongs Trump’s 2017 tax reductions for the affluent, removes taxes on gratuities/overtime compensation, and increases SALT deduction thresholds.

Spending Reductions – Reduces Medicaid and SNAP (food assistance) while boosting defense spending ($158B) and border security ($170B).

Debt Ceiling Increase – Suggests increasing the cap by $5 trillion to avert a US default.

Main Effects:

Fiscal Deficit: May increase US debt by $3.3 trillion over ten years (CBO estimate).

Social Welfare Reductions: More stringent job criteria for Medicaid and food assistance recipients.

Political Division: Encounters resistance regarding tax incentives for the wealthy and significant budget reductions.