The $4 Trillion ‘Big, Beautiful Bill’ Breaks the Bank and Violates Congress’ Own Budget Rules
Here we go again. This week, the Senate unveiled, honed, and passed its version of the “One Big Beautiful Bill Act,” and it’s a fiscal monstrosity. What was already an oversized mess in the House has been supersized into a $4 trillion ode to unseriousness.
This isn’t tax reform. It’s a bipartisan piñata stuffed with pork, gimmicks, and—of course—debt. We’re told to cheer because the bill makes permanent a few pro-growth policies, including 100 percent bonus depreciation and research and development expensing. However, a few pearls in a vast ocean of bad policies are nothing to celebrate. It’s like marveling at newly painted rooms in a burning house.
We’ve been told to cheer because the bill removes or trims $147 billion of the House version’s worst handouts. But as an Arnold Ventures analysis points out, the Senate also added $186 billion to the pot. That’s a net increase of $39 billion in pork.
This is what Washington calls compromise: The House proposes $1, the Senate proposes $2, and somehow, we end up spending $3. Congress is managing both to break the bank and violate its own budget rules.
With $3.2 trillion in direct costs and $700 billion in interest payments, the budget proposal would bring total new borrowing to $3.9 trillion, according to a past analysis by the Congressional Budget Office. Former President Joe Biden took four years to add $4.7 trillion to the deficit.
Don’t overlook the cynicism baked int
Article from Reason.com
The Reason Magazine website is a go-to destination for libertarians seeking cogent analysis, investigative reporting, and thought-provoking commentary. Championing the principles of individual freedom, limited government, and free markets, the site offers a diverse range of articles, videos, and podcasts that challenge conventional wisdom and advocate for libertarian solutions. Whether you’re interested in politics, culture, or technology, Reason provides a unique lens that prioritizes liberty and rational discourse. It’s an essential resource for those who value critical thinking and nuanced debate in the pursuit of a freer society.
