The Senate has passed a tax cut and spending bill expected to increase federal debt by trillions over ten years, with estimates ranging from $3 to $4 trillion. The bill extends tax cuts from the Trump administration, adds new tax breaks, and increases government spending on defense and immigration enforcement. Spending cuts on Medicaid and food assistance only partially offset the bill’s costs. Economic growth estimates are modest, primarily benefiting wealthier taxpayers while lower-income individuals may suffer from lost government benefits.
The massive tax cut and spending bill passed by the Senate is projected to add trillions to federal debt over the next decade, with estimates ranging from $3 to $4 trillion.
The measure extends tax cuts from the first Trump administration, adds new breaks, reduces government revenues, and increases spending on defense and immigration enforcement.
Cuts to spending on Medicaid and food assistance offset only a fraction of the bill’s total cost, while significant economic growth is not expected from the legislation.
Most savings from tax cuts are expected to benefit the richest taxpayers, leaving those at the bottom worse off due to lost government benefits.
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