Trump Sets July 4 Deadline for 'One Big Beautiful Bill' Amidst Controversy
President Trump has set a July 4 deadline for Congress to pass the 'One Big Beautiful Bill Act', which is currently under debate in the Senate. The bill, however, has sparked controversy due to an accounting maneuver used to reduce its cost, which critics label 'the biggest and maybe most costly gimmick in American history'.
The U.S. Conference of Catholic Bishops has voiced deep concern over the bill's proposed cuts to Medicaid and SNAP food assistance, which could affect millions of Americans. The bishops' teaching emphasizes the importance of evaluating the tax system's impact on the poor and ensuring that families below the official poverty line are not burdened with income taxes.
The bill's passage is expected to increase the U.S. budget deficit, which is already at a very elevated level. This could lead to higher national debt, potentially slowing income growth, increasing interest rates, and placing a greater burden on the federal government with higher interest payments and a larger debt load. The national debt is currently $36.2 trillion and is predicted to increase by $2.8 trillion over 10 years upon the bill's passage. The Senate version of the bill is estimated to add $3.3 trillion to the national debt by fiscal year 2034.
Catholic Charities USA has expressed concern for both the national debt and the social safety net, emphasizing the importance of both for the country's well-being.
As the Senate continues to debate the 'One Big Beautiful Bill Act', critics urge lawmakers to reconsider the bill's potential impact on the poor, the national debt, and the country's economic future. The bill's fate remains uncertain as the July 4 deadline approaches.
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