Core Points - The U.S. House of Representatives passed the "Big and Beautiful" tax and spending bill, pushed by President Trump, with a vote of 218 in favor and 214 against [1] - The bill focuses on extending tax cuts for corporations and individuals, including exemptions for tips and overtime pay, with a core provision to lower corporate taxes [4] - The Senate version of the bill aims to make tax cuts permanent, while the House version extends them until 2029 [4] Financial Implications - The Congressional Budget Office estimates that the extended tax cuts will cost over $4.5 trillion over the next decade, increasing the U.S. deficit by nearly $3.3 trillion and raising the debt ceiling by $5 trillion [4] - Critics argue that the bill disproportionately benefits the wealthy, with the lowest-income Americans potentially seeing a 2.3% decrease in after-tax income over ten years, while the highest-income earners may see a 2.3% increase [5] Societal Impact - The bill is expected to exacerbate income inequality, with significant cuts to federal assistance and healthcare for low-income individuals, potentially leaving 11.8 million Americans uninsured by 2034 [6] - Public sentiment is increasingly negative regarding the Trump administration's handling of tariffs, inflation, and government spending, with a higher proportion of respondents believing the economy will worsen compared to any time in 2023 [6]