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illuminem summarises for you the essential news of the day. Read the full piece on The Associated Press or enjoy below:
🗞️ Driving the news: President Donald Trump’s sweeping tax and spending cut bill, now passed by Congress, contains over $4.5 trillion in tax cuts, new defense funding, and provisions for immigration enforcement
• Key elements include permanent tax cuts, an expansion of military spending, and cuts to social welfare programs, along with controversial carve-outs for specific Republican priorities
🔭 The context: The bill, which passed with minimal support from Democrats, combines fiscal conservatism with populist measures and boosts defense spending and border security, all while cutting funding for social programs
• Critics argue that it will worsen national debt and exacerbate income inequality, with projections showing an increase in the federal deficit of nearly $3.3 trillion over the next decade
🌍 Why it matters for the planet: The bill significantly impacts environmental and clean energy initiatives by rolling back tax incentives for renewable energy, a setback for U.S. climate goals
• The expiration of electric vehicle tax credits and reductions in green energy subsidies could slow the country's transition to a low-carbon economy, despite global efforts to address climate change
⏭️ What's next: As the bill heads to President Trump’s desk for signing, its provisions will take effect over the next several years, including tax cuts for businesses and higher-income households, as well as increases in defense and deportation funding
• The long-term fiscal implications, including the bill’s impact on the national deficit and social safety nets, will unfold over the coming decade
💬 One quote: “The bill would increase federal deficits over the next 10 years by nearly $3.3 trillion from 2025 to 2034.” — Congressional Budget Office
📈 One stat: The bill is projected to increase the U.S. federal deficit by $3.3 trillion over the next decade
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