According to the latest estimates from the Congressional Budget Office (CBO), President Donald Trump's recently signed "One Big Beautiful Bill Act" is projected to reduce US government spending by US$1.1 trillion over the next decade while slashing revenues by US$4.5 trillion.
This will result in a federal deficit of US$3.4 trillion. Additionally, the CBO predicts that the legislation will leave 10 million more Americans without health insurance over the next 10 years.
The "One Big Beautiful Bill Act," strongly advocated by Trump, was passed by both chambers of Congress last month and signed into law on July 4. The law includes US$4 trillion in tax cuts over the next decade, an extension of Trump's first-term tax reductions, and cuts to programs such as healthcare and welfare subsidies.
Furthermore, the federal debt ceiling will be raised to US$5 trillion.
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