FT News Briefing The cost of Trump’s ‘big, beautiful bill’
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Jul 4, 2025 Donald Trump's ambitious tax and spending legislation has cleared a significant hurdle, promising major fiscal changes. Unexpectedly strong job growth in the U.S. has lifted market spirits. Meanwhile, concerns mount for the future of the UK's National Health Service as patients face long waits and consider private options. Notably, Hong Kong residents are canceling trips to Japan due to an intriguing comic book's earthquake prophecy, blending pop culture with real-world anxieties.
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Key Details of Trump's Bill
- The "Big Beautiful Bill" extends Trump-era tax cuts and ends taxes on tips and overtime pay, pushing $4.5 trillion in net tax cuts.
- It also raises military spending but cuts healthcare and welfare programs, adding $3.4 trillion to debt over 10 years.
Concerns Over US Debt Rise
- The bill's $3.4 trillion added debt worries Republicans about unsustainable US borrowing and rising interest costs.
- Economists warn this could lead to a bond market crisis risking the US fulfilling debt obligations.
Strong US Jobs Report Eases Rate Cut Pressure
- US employers added 147,000 jobs in June, beating expectations amid trade tariff concerns.
- Unemployment fell to 4.1%, easing pressure on the Federal Reserve to cut interest rates.