

SPECIAL | Trump's "Big Beautiful Bill" is now law: Who are the winners and losers?
Jul 9, 2025
Riley Beggin, USA Today's Senior Congress and Campaigns Reporter, shares insight into the new budget bill recently passed by the Republican-controlled legislature. He discusses the $3.4 trillion impact on the national deficit and how it carries both winners and losers. Notably, the bill makes 2017 tax cuts permanent, aiding the wealthy while average Americans see minor changes. Medicaid and food assistance undergo major transformations, introducing stricter regulations. Beggin also highlights potential adverse effects on health insurance and renewable energy initiatives.
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Huge Deficit and Long-term Risk
- The bill adds $3.4 trillion to the national deficit over the next 10 years according to the Congressional Budget Office (CBO).
- This level of debt carries long-term risks like a potential drop in demand for treasury bonds and a possible global financial crisis.
Tax Cuts Favor Wealthier Americans
- Making Trump's 2017 tax cuts permanent mostly benefits wealthier Americans, while average Americans see little change.
- Seniors get a new $6,000 deduction, but Social Security taxes remain unchanged.
Limited Impact of Tip and Overtime Tax Breaks
- Temporary federal tax breaks exclude income tax on the first $25,000 of tips and part of overtime pay.
- Many tipped and low-income workers may not benefit if they do not owe income taxes.