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Is the One Big Beautiful Bill a Masterstroke—or a Disaster?
“There could be no better birthday present for America than the phenomenal victory we achieved just hours ago, when Congress passed the One Big Beautiful Bill to make America great again.” So said Donald Trump in Iowa on Thursday, where he kicked off a 12-month celebration of the country’s 250th year by heralding the passage of his party’s landmark megabill in time for his self-imposed Independence Day deadline. The next day, July 4, Trump signed it into law at the White House.
The moment marked the culmination of a painful period for Republicans on Capitol Hill, who have been wrangling over the legislation for months and faced a frantic dash in the last few weeks to pass the bill. But the end of one process marks the start of another. With the law now on the books, Republicans and Democrats are preparing for a fight over its key measures—with the legislation likely to loom large in next year’s midterms.
Republicans hope that the tax cuts and spending will be, as House Speaker Mike Johnson phrased it last week, “a key cornerstone of America’s new golden age.” Democrats see political opportunity in the fact that Republicans are cutting programs for low-income Americans, such as Medicaid, to deliver tax cuts to the well-off. Meanwhile, the fiscal hawks—an increasingly politically homeless tribe—are disgusted by the bill’s big boost to the deficit. One of them, Elon Musk, says he is going to do something about it by founding a new party.
Whether or not you think it is beautiful, this bill is certainly big. And according to the nonpartisan Congressional Budget Office, it will add a whopping $3 trillion to the public debt. Its key measures include:
An extension of Trump’s 2017 tax cuts, which are due to expire at the end of the year.
An increase in the debt ceiling of $5 trillion.
Tax deductions on tips, overtime, and loans for cars made in America.
A new work requirement of 80 hours per month for Medicaid and caps on Medicaid “provider taxes.”
Work requirements for food stamps.
An additional $350 billion in spending on defense and border security.
An end to some tax credits for green energy.
Read more
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“There could be no better birthday present for America than the phenomenal victory we achieved just hours ago, when Congress passed the One Big Beautiful Bill to make America great again.” So said Donald Trump in Iowa on Thursday, where he kicked off a 12-month celebration of the country’s 250th year by heralding the passage of his party’s landmark megabill in time for his self-imposed Independence Day deadline. The next day, July 4, Trump signed it into law at the White House.
The moment marked the culmination of a painful period for Republicans on Capitol Hill, who have been wrangling over the legislation for months and faced a frantic dash in the last few weeks to pass the bill. But the end of one process marks the start of another. With the law now on the books, Republicans and Democrats are preparing for a fight over its key measures—with the legislation likely to loom large in next year’s midterms.
Republicans hope that the tax cuts and spending will be, as House Speaker Mike Johnson phrased it last week, “a key cornerstone of America’s new golden age.” Democrats see political opportunity in the fact that Republicans are cutting programs for low-income Americans, such as Medicaid, to deliver tax cuts to the well-off. Meanwhile, the fiscal hawks—an increasingly politically homeless tribe—are disgusted by the bill’s big boost to the deficit. One of them, Elon Musk, says he is going to do something about it by founding a new party.
Whether or not you think it is beautiful, this bill is certainly big. And according to the nonpartisan Congressional Budget Office, it will add a whopping $3 trillion to the public debt. Its key measures include:
An extension of Trump’s 2017 tax cuts, which are due to expire at the end of the year.
An increase in the debt ceiling of $5 trillion.
Tax deductions on tips, overtime, and loans for cars made in America.
A new work requirement of 80 hours per month for Medicaid and caps on Medicaid “provider taxes.”
Work requirements for food stamps.
An additional $350 billion in spending on defense and border security.
An end to some tax credits for green energy.
Read more