Trump's spending bill adds $3.4 trillion to debt

President Trump's latest spending bill will significantly increase the national debt and impact healthcare.

Trump's new spending bill adds $3.4 trillion to national debt

The Congressional Budget Office reported that President Trump's latest spending bill will add $3.4 trillion to the U.S. national debt over the next decade. This law, passed largely along party lines, will also increase the number of uninsured Americans by 10 million by 2034. The legislation extends Trump’s previous tax cuts while implementing new tax deductions and allocating funds to military and deportation efforts, partly financed by cuts to Medicaid, SNAP, and clean energy initiatives. The revised bill received narrow support in Congress and was signed into law on July 4.

The implications of Trump's latest bill are significant, placing a heavy burden on the national debt while offering controversial tax benefits. Critics argue that the law disproportionately favors wealthy individuals, financed through cuts affecting lower-income families. This tension could fuel further political division as midterm elections approach, with Democrats keen to capitalize on public dissatisfaction. Moreover, Republican officials maintain that the bill will ultimately benefit working-class Americans, raising questions about contrasting narratives surrounding its economic impact.

Highlights

As the debate unfolds, its impact on American families remains to be seen.