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illuminem summarises for you the essential news of the day. Read the full piece on The Economist or enjoy below:
🗞️ Driving the news: The "One Big Beautiful Bill" (BBB) has passed through Congress, combining elements of Reagan-era fiscal conservatism with populist measures, despite significant opposition
• This massive omnibus bill extends deficit-financed tax cuts, increases defense and immigration spending, and introduces controversial provisions to secure the support of key lawmakers.
🔭 The context: The passage of the BBB marks a continuation of the polarized legislative process in the U.S., where large, sweeping bills often emerge through last-minute negotiations and carry both ideological contradictions and concessions to various political factions
• While the bill extends tax cuts and increases military and enforcement spending, it also contains cuts to social welfare programs and environmental subsidies, increasing the national debt
🌍 Why it matters for the planet: The environmental implications of the BBB are significant, as it includes the cancellation of green subsidies that could have accelerated the country’s transition to renewable energy
• With the U.S. still grappling with climate goals, the cuts to green funding pose a challenge for future sustainability efforts, especially in the context of global climate commitments
⏭️ What's next: The BBB’s impact on the economy and the environment will unfold over the next decade, as it amplifies the national debt and redirects government spending toward defense and enforcement
• The challenge for policymakers will be to address the long-term fiscal and environmental consequences, including the possibility of public pushback on the bill's fiscal irresponsibility and social cuts
💬 One quote: “It sutures to a body of government-shrinking Reaganism an appendage of populist Trumpism, both disfigured by carve-outs and fillips for individual lawmakers.”
📈 One stat: The legislation significantly increases America’s national debt, projected to rise by trillions over the next decade
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