On July 3, members of the U.S. House of Representatives supported The Big Beautiful Bill, which is being actively promoted by U.S. President Donald Trump.
“The Big Beautiful Bill” involves cutting federal taxes, increasing spending on defense and border security in the United States, and cutting funding for social programs such as Medicaid and SNAP.
The Congressional Budget Office said the law would add $3.8 trillion to the federal government’s debt. The size of the debt now stands at $36.2 trillion dollars.
It is known that because of the “big beautiful” law, billionaire Ilon Musk quarreled with the President of the United States. Musk criticized the initiative, calling it a “huge and outrageous” law that is “stuffed with lobbyist unnecessary expenses” and increases the budget deficit instead of reducing it.
What’s happening to the American economy under Trump? We discuss with economist Tatiana Mikhailova, who wrote a text about it for The Insider.
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