Summary
President Trump signed a new law called the One Big, Beautiful Bill Act on July 4. This law extends tax cuts from 2017 and introduces new ones. The Congressional Budget Office estimates it will increase the U.S. deficit by $3.4 trillion over the next ten years.
Key Facts
- The One Big, Beautiful Bill Act was signed into law on July 4 by President Trump.
- The new law extends tax cuts that were originally introduced in 2017.
- The law also includes some new tax cuts.
- The Congressional Budget Office (CBO) predicts the law will add $3.4 trillion to the U.S. deficit over ten years.
- Some advisors believe the tax cuts will cover their own costs by boosting the economy.
- Arthur Laffer, known for supporting this idea, discusses these claims on the NPR show.
- The law could potentially lead to significant government financial challenges, as indicated by CBO forecasts.