Big Beautiful Bill Will 'Explode The Deficit,' And Make The Rich Richer

The Congressional Budget Office warned Tuesday that Donald Trump’s proposed One Big Beautiful Bill Act would increase the federal deficit by $3.8 trillion through extended tax cuts. It would also slash Medicaid and SNAP funding by $965 billion. By 2027, households in the bottom income decile would lose the equivalent of 2% of their income, rising to 4% by 2033. The top decile would gain 4% in 2027 and 2% in 2033 from tax cuts. In a post on X, Craig Shapiro of the Bear Traps Report called it “another opportunity squandered,” accusing Republicans of favoring the rich at the expense of the poor. Economist Peter Schiff echoed concern, saying the cuts will temporarily inflate GDP but worsen deficits, inflation, and interest rates. The bill narrowly advanced out of the House Budget Committee late Sunday in a 17-16 vote.