Summary
The One Big Beautiful Bill Act, signed by Speaker Mike Johnson, includes making permanent tax cuts paid for by reducing Medicaid spending and borrowing more money. This episode of Planet Money examines how these decisions affect the federal deficit and what that could mean for everyday life.
Key Facts
- The One Big Beautiful Bill Act was signed by Speaker of the House Mike Johnson on July 3, 2025.
- The bill makes many tax cuts permanent.
- The funding for these tax cuts will partly come from reducing Medicaid, a government program that helps provide health care to low-income individuals.
- Along with cutting Medicaid, the government plans to borrow more money.
- The bill's impact on the federal deficit, which is the amount the government overspends compared to its income, is a major concern discussed.
- The episode explores how the increased borrowing and spending cuts might affect everyday life for people.
- Planet Money's episode discusses other related topics such as the national debt and tax policies.
- The podcast episode was hosted by several NPR journalists, including Sally Helm and Kenny Malone.
