On May 22, the Republican-majority US House of Representatives narrowly passed a tax and spending bill, nicknamed "One Big Beautiful Bill Act" by US President Donald Trump. The bill, which spans over 1,000 pages, primarily aims to reduce taxes and cut spending but has sparked significant opposition.
Critics from various sectors have voiced their concerns. Senate Majority Leader Chuck Schumer remarked, "It ain't beautiful. It is ugly," emphasizing that the legislation endangers the country's clean energy initiatives. Meanwhile, Senator Rand Paul compared Congress to "a bunch of drunk teenagers," adding that their track record shows they "aren't very good with fiscal restraint."
Tesla CEO Elon Musk also weighed in, quipping, "I think a bill can be big or it can be beautiful, but I don't know if it can be both."
According to a report by the Congressional Budget Office (CBO) released on May 17, the Trump administration's tax and spending bill is projected to increase the federal deficit by US$2.8 trillion over the next decade when accounting for its economic impact. The analysis also highlights that the bill will raise interest rates and add US$441 billion in interest payments to the baseline federal debt forecast.
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Trump's 'big beautiful bill' backfires? CBO predicts US$2.8 trillion deficit surge
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