One Big Beautiful Bill a debt bomb

Cartoon by Tan Xiguang

Recently, U.S. President Donald Trump signed the controversial One Big Beautiful Bill, a new tax and spending bill, into law.

The legislation was narrowly passed by the House of Representatives with 218 votes in favor and 214 against. The bill has sparked widespread debate for its provisions that cut federal aid, increase long-term national debt, and offer significant tax breaks to wealthy individuals and large corporations.

A spokesperson for the International Monetary Fund warned that the bill would further widen the U.S. fiscal deficit. According to an analysis by the U.S. Congressional Budget Office, the legislation is projected to add $3.3 trillion to the U.S. deficit over the next decade, pushing interest rates even higher.

As of June 2025, the total U.S. national debt has surpassed $36.2 trillion.