Trump’s ‘Big Beautiful Bill’ Blows Up the Deficit

By UpNorthNews Staff

May 23, 2025

In the 40 years prior to Donald Trump’s political arrival, the Republican Party consistently tried to hammer Democrats as the party of “deficit spending.” President Trump’s “big beautiful” tax bill has changed all of that—and your retirement savings could take a hit as a result.

House Republicans passed legislation Thursday morning that calls for about $1 trillion is spending cuts to things like healthcare and food assistance, but that’s not nearly enough to cover the cost of massive tax breaks they have targeted toward corporations and the very-wealthy—so their plan could add more than $3 trillion to the federal debt over the next decade.

Investors on Wall Street, already skittish because of Trump’s trade war, reacted with alarm, as explained by financial compliance and economics expert Sean O’Malley on “Mornings with Pat Kreitlow.”