WSJ What’s News Megabill Set for Final Vote as GOP Holdouts Relent
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Jul 3, 2025 A major tax-and-spending bill is set for a final House vote as GOP leaders manage to win over holdouts. Experts analyze the potential $4 trillion deficit increase and constitutional spending limitations. Meanwhile, the Pentagon claims its action against Iran has delayed their nuclear ambitions by two years. On a lighter note, Wimbledon becomes a showcase for tech innovations, with AI transforming sports viewing experiences and providing fans with real-time insights. This mix of politics, economics, and sports highlights current tensions and advancements.
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Bill's Huge Impact on Debt
- President Trump's tax-and-spending bill is projected to add about $4 trillion to the national debt over 10 years.
- This worsens an already record deficit, pushing the U.S. into uncharted fiscal territory with unprecedented sustained borrowing levels.
Eroding Fiscal Guardrails
- The Senate's bill abandons long-standing budgeting rules by ignoring deficits beyond the 10-year budget window.
- This erosion of fiscal guardrails reflects a congressional willingness to overlook debt increases.
Debt Impact on Bonds Is Limited
- Bond investors have raised yields due to fiscal concerns but not to a degree forcing policy changes.
- The U.S.'s global financial role cushions it from market panic over its rising debt trajectory.