If we think about the economic effects of President Donald Trumps big taxing and spending and domestic policy bill, we can roughly sum it up in one line. It goes something like this:

We will make many big tax cuts permanent and pay for those tax cuts by cutting Medicaid and a few other things and also...by borrowing money.

A lot of money.

Even more than we've already been borrowing over the past twenty years. (And that was already a lot, too!)

Today: simple arithmetic with profound ramifications. Tax cuts, spending cuts, and whether they balance out. (Spoiler: no.)

We look under the hood to see how all this is calculated. And we ask: how will a bigger deficit play out for all of us, in our normal, regular lives?

We've covered a bunch more having to do with the big taxing and spending bill and the federal debt recently on Planet Money and our short daily show The Indicator:

- So, how's this No Tax On Tips thing gonna go?
- A thought experiment on how to fix the national debt problem
- The paperwork trap: A sneaky way to cut Medicaid in the 'One Big Beautiful Bill'?
- The debt limit, the origins of the X Date, and why it all matters
- What's a revenge tax?
- Is the federal debt REALLY that bad?

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