The 'Big and Beautiful' tax and spending bill proposed by President Trump was narrowly passed by the US House of Representatives on July 3, 2024.
The bill is controversial as it cuts federal aid, increases long-term public debt, and provides tax incentives for the wealthy and large corporations. The bill was approved by the Senate on July 1 and is expected to be signed on the occasion of the US Independence Day on July 4.
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The US House of Representatives passed the 'Big and Beautiful' bill with 218/214 votes.
The bill is controversial due to cuts to aid, increased debt, and tax incentives for the wealthy.
The bill has been approved by the Senate and will take effect after the President signs it.
What is the 'Big and Beautiful' bill and what are its main contents?
The 'Big and Beautiful' bill is a federal tax and spending package promoted by President Trump aimed at restructuring the budget and financial policy. It includes cuts to federal aid, tax cuts for wealthy individuals and large corporations, while increasing long-term public debt.
Financial experts state that the bill reflects the trend of prioritizing economic stimulus through tax cuts, but also poses risks of increasing budget deficits and public debt pressure, sparking debates among politicians and economists.
Why is the bill strongly controversial in the US Congress?
The bill is controversial because it has a direct impact on budget allocation policy and social equity. The cuts to federal aid affect low-income groups, while tax incentives for the wealthy and large corporations have led many Democratic senators to oppose it.
"This bill prioritizes the interests of a small group, ignoring the responsibility to reduce national public debt," quoted the Democratic leader in the House of Representatives, July 2024.
Leader of the Democratic House of Representatives, 7/2024
How is the bill process passed and what is the significance of signing it on the occasion of the US Independence Day?
The bill was passed by the Senate on July 1 with a majority vote, then the House voted closely on July 3, with 218 votes in favor and 214 against, including 2 Republican senators opposing. President Trump is expected to sign the bill on July 4 – the day of the US Independence Day.
Choosing this day to sign is a political symbol aimed at demonstrating the commitment to promote economic policy while also attracting public attention to the government's fiscal policy in the context of debates about public debt and income inequality.
"Signing the bill on Independence Day is to affirm the commitment to promote economic growth along with comprehensive reforms," said the statement from the Trump White House, 3/7/2024.
Spokesperson for the White House, 3/7/2024
What are the potential impacts of the bill on federal finances and the US economy?
According to analysis by the US Economic Policy Institute, the bill could increase public debt by trillions of dollars over the next decade due to tax cuts not fully offset by spending reductions. This could affect spending in essential areas such as healthcare and education.
Some economists argue that in the short term, the bill may stimulate investment and large business growth, but in the long term, it will put pressure on the budget and create potential economic risks.
How have stakeholders reacted when the bill was passed?
The Republican group of senators emphasizes that this is a necessary step to support businesses and promote economic growth. Meanwhile, many Democratic senators vehemently oppose it on the grounds that the bill increases inequality and leaves a public debt burden for future generations.
Republican Senator Democrat Senator Main views Economic growth, tax cuts for businesses Anti-inequality, protect public budget Opinion on the bill Support, necessary to boost investment Oppose, concern about increasing debt and reducing aid Impact Short-term economic stimulus Long-term budget risks
Frequently Asked Questions
What is the purpose of the 'Big and Beautiful' bill? The bill aims to optimize the budget and stimulate the economy through tax cuts and adjustments to federal spending.
Why is the bill controversial? Because it cuts federal aid and tax incentives for the wealthy, increasing public debt.
How was the bill passed? It was approved by both the Senate and the House of Representatives with a narrow majority.
When will the bill be signed? It is expected to be signed by the President on July 4, 2024, on the occasion of Independence Day.
What are the long-term impacts of the bill? It may increase pressure on the budget and the risk of higher public debt.
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