GOP budget plan, dubbed the ‘Big, Beautiful Bill,' ignites debate on debt and financial stability
(FOX 5/KUSI) — The Republican budget plan, dubbed the 'big, beautiful bil,l' passed the House of Representatives by a single vote.
The 1,000-page, multi-trillion-dollar budget proposes deep cuts to services and tax cuts across the board, but economists fear the GOP and Trump's tax plan stacks even more debt onto future generations.
'When you factor the spending cuts, we will be adding $3.2 trillion to the national debt over the next 10 years,' said Professor Alan Gin from the Knauss School of Business at USD.
Gin has been digging through the Warton School of Business's analysis of the bill, and he worries the interest payments could threaten the stability of the US financial system.
'So far, we've been able to get loans to cover the excess. The worry is will people keep funding us then to continue the deficit spending,' Gin said.
'They are taking away people's health care and they are taking people's food,' said Congressman Mike Levin, who represents California's 49th District.
FOX 5/KUSI reached out to a supporter of the bill, Republican Congressman Darrell Issa, but he was unable to comment. Levin voted against the bill, along with every Democrat in the House.
'The president ran on populism, he ran on no cuts to Medicaid and Medicare, and that's the exact opposite of what's happening. We are seeing massive cuts and it's going to benefit his rich donors,' said Levin.
Levin said the bill is unlike any other he has ever seen during his time in the House.
Now, the Senate will consider the bill.
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