Group 1 - The core viewpoint of the article is that the passage of the "One Big Beautiful Bill Act" may lead to significant increases in U.S. fiscal deficits and debt issuance, raising concerns about fiscal sustainability [1][3][19] - The bill is expected to result in approximately $3.8 trillion in tax cuts over the next decade, accounting for about 5.8% of fiscal revenue, with the most significant component being the extension of individual tax cuts from the Tax Cuts and Jobs Act [1][3][4] - The projected increase in net fiscal deficit over the next decade is around $2.4 trillion, with spending cuts estimated at $1.5 trillion, primarily affecting healthcare, student loans, and food stamps [1][3][20] Group 2 - The bill's tax cuts are characterized by "tax cuts first, spending cuts later," meaning most tax reductions will take effect immediately, while spending cuts will be implemented later, complicating deficit reduction efforts during Trump's term [19][20] - The U.S. debt-to-GDP ratio is projected to rise to 120.8% by Q1 2025, surpassing World War II peaks, with concerns about the sustainability of U.S. fiscal policy growing [22] - The article discusses the potential for U.S. Treasury to issue more short-term debt to manage cash flow, especially after the debt ceiling legislation is passed, which may lead to liquidity pressures in the market [2][25][27] Group 3 - The article suggests that U.S. Treasury bonds may be suitable for buying on dips, as the actual risk of default remains low, and the current yields may offer good value [25][29] - The demand for short-term debt has been primarily driven by money market funds, with a significant reduction in overnight reverse repurchase agreement (ON RRP) balances indicating a shift in liquidity [29][30] - The growth of the stablecoin market is expected to alleviate some pressure on short-term debt, as stablecoins are increasingly backed by U.S. Treasury securities [30][31]