Hey everyone, big news from the U.S.! The House of Representatives just passed a sweeping tax and spending bill in a razor-thin vote (215-214). Dubbed the "One, Big, Beautiful Bill Act," this piece of legislation is making waves by extending Trump-era tax cuts while also slashing aid for essential programs.
The bill continues the tax cuts from 2017 and introduces new relief measures for tips, overtime pay, and even car loan interests. It also hikes up defense spending and allocates funds to combat illegal immigration, ticking off campaign promises. But here’s the twist: significant cuts to Medicaid and food assistance mean that millions who depend on these lifelines could see major disruptions. 😕
Experts are sounding the alarm. Senior economist Dean Baker points out that the bill adds roughly $3 trillion to the national debt, and about 13 million people might lose their Medicaid coverage or be pushed off the exchanges created by the Affordable Care Act. Senate Minority Leader Schumer wasn’t holding back either, calling the bill an "ugly billionaire boondoggle" with potentially harsh consequences like shuttered food relief centers and rural hospitals.
For many young people and early professionals across South and Southeast Asia, this might feel like a headline about a major budget blunder that could ripple globally. Imagine your favorite hangout spot closing down or prices going up because funds for community support are slashed – that’s the kind of impact critics are worried about. It’s a reminder of how policies, even from halfway across the globe, echo in our day-to-day lives. 🚀
With the bill now heading to the Senate, the future of these sweeping changes is still up in the air. Stay tuned for more updates on this high-stakes political decision that’s stirring debates and impacting lives far beyond U.S. borders.
Reference(s):
U.S. bill blasted for raising debt, cutting aid for low income groups
cgtn.com
