Trump’s ‘One Big Beautiful’ Budget Bill Shifts Resources From Nation’s Poorest To Weathiest, CBO Says

by Riley GoldmanJune 1, 2025, 9:00 pmHomepage Slider, News >

Despite two Republicans crossing the aisle to side with every Democrat voting no, President Donald Trump’s “One Big Beautiful Bill Act” passed in the U.S. House of Representatives, 215-214, last week.

Republican Reps. Warren Davidson (R-Ohio) and Thomas Massie (R-Kentucky) voted against the bill. Chair of the conservative House Freedom Caucus, Rep. Andy Harris (R-Maryland), voted present.

The roughly 1000-page bill has taken around two months to craft, with significant last-minute changes coming just before its passage. Republican leaders held the House in session all night starting Wednesday evening, trying to get this bill passed before the deadline of Memorial Day that GOP leaders set for themselves.

Trump took to Truth Social to thank the Republicans who voted to pass the bill.

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“Now, it’s time for our friends in the United States Senate to get to work and send this Bill to my desk AS SOON AS POSSIBLE!” Trump wrote.

Although Republicans in Washington are excited about this bill, Wall Street is less than enthusiastic. Investors are skeptical of the tax cut package and worried about the long-term effects.

Democrats are pointing out nonpartisan reports that the federal deficit will increase by trillions of dollars, along with shifting resources from the lowest-income households to the wealthiest. These cuts will cause millions of Americans to lose health care coverage.

“In general, resources would decrease for households in the lowest decile (tenth) of the income distribution, whereas resources would increase for households in the highest decile,” according to a study by the nonpartisan Congressional Budget Office.

In a closing speech before the final vote, Hakeem Jeffries, the House Minority Leader, called out Republicans for the projected outcome that this bill will have.

“People will die. That’s not hype. That’s not hyperbole. That’s not a hypothetical,” Jeffries said before a debate about “decorum” with the Republican presiding over the floor.

Although Trump hopes for a quick process through the Senate, Republican Senators expect major rewrites to the bill that the House passed.

“I expect there will be considerable changes in the Senate,” said Sen. Ted Cruz (R-Texas). Sen. Ron Johnson (R-Wisconsin) said, “Somebody’s got to be the dad that says, ‘I know everybody wants to go to Disney World, but we just can’t afford it.'”