PWBM is a nonpartisan, research-based initiative that provides accurate, accessible and transparent economic analysis of public policy’s fiscal impact. Using the project’s research briefs and interactive budget tools enables analysis of legislation while it is drafted.| Penn Wharton Budget Model
We estimate the reconciliation bill signed by President Trump increases primary deficits by $3.2 trillion over 10 years. The dynamic cost, including changes to the economy, is larger at $3.6 trillion. GDP falls by 0.3 percent in 10 years and 4.6 percent in 30 years.| Penn Wharton Budget Model
If spending and tax changes in the House-passed reconciliation bill are made permanent, federal debt increases by 9.9 percent in 10 years and 22.9 percent in 30 years. GDP decreases by 3.6 percent, and wages fall by 2.9 percent. Dynamic costs exceed conventional costs in the budget window.| Penn Wharton Budget Model
On July 4, 2025, US President Donald Trump signed the One Big Beautiful Bill Act, which extends the 2017 tax cuts and overhauls Opportunity Zones.| Fair Observer
By Tracie McMillanMs. McMillan is a journalist covering the working class and food insecurity.Read the original piece online at The New York Times. On the first Monday morning in June, Jocelyn Walker waited for her car clock to tick 9 a.m., then scrolled her cellphone call history for a number she dials often. She had ... Read more| Tracie McMillan
