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Trump's Controversial Bill Could Add $3.3 Trillion Debt

7/8/2025

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Summary

Story summary

On July 4, President Trump enacted the "One Big Beautiful Bill Act," a controversial move that may swell the U.S. public debt by $3.3 trillion in ten years. The bill features tax breaks for the affluent and deep cuts to Medicaid, while also raising the debt ceiling by $5 trillion. Elon Musk condemned it as a "disgusting abomination," even suggesting the creation of a new political party.

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Story summary

On July 4, President Trump enacted the "One Big Beautiful Bill Act," a controversial move that may swell the U.S. public debt by $3.3 trillion in ten years. The bill features tax breaks for the affluent and deep cuts to Medicaid, while also raising the debt ceiling by $5 trillion. Elon Musk condemned it as a "disgusting abomination," even suggesting the creation of a new political party.