💨 Abstract

A $3.7 trillion tax cut bill, known as the "One Big Beautiful Bill Act," is being pushed through Congress by President Donald Trump. The nonpartisan Congressional Budget Office (CBO) reports it will increase deficits by $2.4 trillion and reduce federal spending by $1.3 trillion over a decade. The bill, facing Democratic opposition, includes extensions of tax breaks, border security funding, and new requirements for welfare programs.

Courtesy: WTOP Staff