Economist Podcasts Bill baby bill: Trump’s landmark legislation
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Jul 2, 2025 
Idrees Kahloon, Washington bureau chief for The Economist, and Oliver Carroll, Ukraine correspondent, dive into the implications of Trump's recent Senate victory on tax and spending. They discuss the transformative effects of congestion pricing in New York, which has reduced traffic and gained public support. The podcast also explores why foreign fighters, particularly from Latin America, are drawn to join Ukraine's military, shedding light on their motivations and the ongoing struggles for support amid the conflict.
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Trump's Tax and Spending Bill Effects
- Trump's "one big beautiful bill" will extend significant tax cuts, adding trillions to the deficit over 10 years.
- It combines tax cuts with cuts to green subsidies, Medicaid, food stamps, plus increased immigration and defense spending.
Growth vs. Deficit Tradeoff
- The bill mainly preserves previous tax cuts, causing large deficits with modest growth.
- Cutting green subsidies risks slowing US decarbonization and energy competitiveness against China.
Legislative Process Eroding Scrutiny
- Congress increasingly passes massive, complex bills negotiated behind closed doors with minimal member input.
- This trend reduces effective legislative scrutiny and occurs under both parties.