Group 1: "Big and Beautiful" Act - The "Big and Beautiful" tax and spending act was signed into law by President Trump on July 4, 2023, after passing the House of Representatives with a vote of 218 to 214 [2] - The act extends corporate and personal tax cuts from Trump's first term and includes provisions such as exempting tips and overtime pay from taxation, with a core focus on lowering corporate taxes [2] - Initial analyses suggest that the act could increase the U.S. deficit by approximately $3.3 trillion over the next decade and reduce tax revenue significantly, raising concerns about a potential debt crisis [2][3] Group 2: U.S. National Debt Concerns - The U.S. national debt currently stands at $36.2 trillion, and the new act is expected to exacerbate the structural deficit, making it harder for lawmakers to control debt levels [3] - The act has been criticized for potentially leading to increased borrowing at a time when the national debt is already at a historical high, which could have long-term implications for future generations [3] Group 3: Electricity Demand Surge - On July 4, 2023, China's national electricity load reached a record high of 1.465 billion kilowatts, an increase of approximately 200 million kilowatts from late June and nearly 150 million kilowatts from the same period last year [22] - The eastern power grid recorded a load of 422 million kilowatts, with air conditioning demand accounting for about 37% of this load [22] - Due to ongoing high temperatures, electricity demand is expected to remain elevated in the coming week, prompting the State Grid to utilize its resources to ensure reliable power supply [22]

Core Viewpoint - The "Big and Beautiful" tax and spending bill signed by President Trump is expected to significantly increase the U.S. fiscal deficit and debt risk, raising concerns about the long-term financial stability of the country [1][2]. Group 1: Legislative Overview - The "Big and Beautiful" bill was passed by the House of Representatives with a vote of 218 in favor and 214 against, and it extends tax cuts for corporations and individuals that were initially implemented in 2017 [1]. - Key provisions include tax exemptions for tips and overtime wages, with a primary focus on reducing corporate tax rates [1]. Group 2: Financial Implications - Preliminary analyses suggest that the bill could increase the U.S. deficit by approximately $3.3 trillion over the next decade and reduce tax revenue for decades to come [1]. - The current U.S. national debt stands at $36.2 trillion, and the bill is expected to exacerbate the structural deficit, making it more challenging for lawmakers to manage debt levels [2]. - The bill has been described as potentially the most expensive piece of legislation since the 1960s, raising concerns about the long-term impact on future generations due to increased debt burdens [2].