Trump's Terms The GOP's massive bill would add trillions of dollars to the country's debt
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Jul 3, 2025 A recent tax cut and spending bill has passed the Senate, raising alarms about an impending explosion of national debt. Experts discuss how this plan could disproportionately benefit the wealthy while leaving lower-income families in the dust. Meanwhile, the House has approved a funding rescission for public media, sparking concerns about the future of local stations. The implications of these financial decisions could ripple through the economy and impact vital services.
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Bill Adds Trillions in Debt
- The GOP's tax and spending bill will add trillions of dollars to the federal debt over the next decade.
- Increased borrowing costs will slow growth by raising interest rates for families and businesses.
Minimal Growth, High Interest Costs
- The Congressional Budget Office predicts minimal economic growth from the tax cuts.
- Added interest costs from debt far outweigh the modest gains, dampening the economy.
Limited Economic Benefit from Tax Cuts
- The U.S. economy is already strong, so tax cuts and deficit spending offer little additional growth.
- Increased government debt causes higher interest rates, which slows economic growth across the board.