Overview

• The 'One Big Beautiful Bill' combines tax cuts, increased military and immigration spending, and steep Medicaid reductions, with projected debt increases of $3.3 to $5.2 trillion over ten years.
• Moody's downgraded the U.S. credit rating for the first time in over a century, citing the bill's anticipated fiscal impact and unsustainable debt trajectory.
• House GOP leaders are working to secure votes from holdout Republicans, including members of the Freedom Caucus, ahead of a full House vote on the bill.
• Critics argue the bill disproportionately benefits corporations and wealthy individuals while cutting resources for low-income households and reducing access to Medicaid and other safety net programs.
• Rep. Thomas Massie and other fiscal conservatives warn the bill's borrowing would impose significant costs on taxpayers, despite modest average tax benefits.