Introduction to Trump's Bill

The question of whether Trump's bill will bankrupt America is a complex one, requiring an examination of the bill's provisions and their potential economic impacts. The bill, known as the "One, Big, Beautiful Bill," includes significant tax cuts and changes to various social programs.

Economic Impact of the Bill

The Congressional Budget Office (CBO) has estimated that the bill would increase the federal deficit by $2.3 trillion over 10 years [1]. This is due in part to the tax cuts, which would primarily benefit the top 10% of earners, while the bottom 10% would see a decrease in their income [2]. The bill would also make significant cuts to Medicaid and the Supplemental Nutrition Assistance Program (SNAP), resulting in millions of people losing healthcare and food assistance [3].

Potential Consequences

The potential consequences of the bill are far-reaching. The CBO has estimated that 8.6 million people would lose healthcare coverage, and 7.6 million would be uninsured by 2034 [4]. The bill's cuts to SNAP would also have a significant impact, with the Urban Institute estimating that 5.4 million people would lose all or most of their SNAP benefits [5].

Impact on the National Debt

The bill's impact on the national debt is also a concern. The CBO has estimated that the bill would add $2.3 trillion to the national debt over the next decade [1]. This could lead to further economic suffering, as the increased debt burden could lead to higher interest rates and reduced economic growth.

Conclusion

The bill has the potential to significantly harm the US economy and increase the national debt, potentially leading to bankruptcy. The bill's provisions, including significant tax cuts and changes to social programs, could lead to a substantial increase in the federal deficit and national debt. While the bill's impact is still uncertain, the available evidence suggests that it could have serious consequences for the US economy.

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