Although the U.S. government refers to its fiscal plan as a 'grand and beautiful bill,' Lombard Odier finds it difficult to see any reason for optimism. The agency believes that this budget proposal has little impact at the macroeconomic level and may further worsen the fiscal outlook. Strategic analyst Filippo Pallotti pointed out that the bill is expected to expand the federal deficit by about $4 trillion over the next decade; if the tax cuts are made permanent, the deficit could be even larger. While tariff revenues may alleviate some fiscal pressure, the ratio of public debt to GDP is still expected to rise to 119% around 2034. Most tax cuts are unlikely to significantly boost consumption, and the largest spending cuts will focus on Medicare and food assistance. Given this budget