President Donald Trump signed the so-called One Big Beautiful Bill (OBBB) into law Friday, resulting in a budget that will have far-reaching repercussions, affecting millions of Americans’ bank accounts, for better and worse.
The legislation is extensive, including hundreds of provisions that touch everything from individual rates to student loans to the estate tax. It attempts to pay for the included tax breaks by slashing spending on social safety net programs like Medicaid and nutritional benefits, as well as green energy programs. Even with these cuts, it is expected to add $3.1 trillion to $3.5 trillion to the national debt over the next 10 years.
