Nicole Lappin

So today, I'm just going to give you a big picture primer of the big, beautiful bill, what's inside the bill, who it helps, who it hurts, and whether or not it has any shot of actually becoming law. Let's start with the number that is haunting everyone in Washington, the national debt.

The nonpartisan Congressional Budget Office says the bill will add $3 trillion to the debt over the next 10 years. That's right, add. And interest payments on the debt expected to hit $13.8 trillion. The White House says, no, no, no, it is actually going to save $1.6 trillion. Some Republicans say it will actually add $12. 20 trillion. But here's the thing.

The nonpartisan Congressional Budget Office says the bill will add $3 trillion to the debt over the next 10 years. That's right, add. And interest payments on the debt expected to hit $13.8 trillion. The White House says, no, no, no, it is actually going to save $1.6 trillion. Some Republicans say it will actually add $12. 20 trillion. But here's the thing.

The nonpartisan Congressional Budget Office says the bill will add $3 trillion to the debt over the next 10 years. That's right, add. And interest payments on the debt expected to hit $13.8 trillion. The White House says, no, no, no, it is actually going to save $1.6 trillion. Some Republicans say it will actually add $12. 20 trillion. But here's the thing.

Both Republicans and Democrats are citing the CBO numbers and that almost never happens. So I'm inclined to trust them. Here's why this matters. Rising debt isn't just a theoretical problem. It means the government spends more on interest payments and less on things that actually help people. Schools, roads, health care.

Both Republicans and Democrats are citing the CBO numbers and that almost never happens. So I'm inclined to trust them. Here's why this matters. Rising debt isn't just a theoretical problem. It means the government spends more on interest payments and less on things that actually help people. Schools, roads, health care.

Both Republicans and Democrats are citing the CBO numbers and that almost never happens. So I'm inclined to trust them. Here's why this matters. Rising debt isn't just a theoretical problem. It means the government spends more on interest payments and less on things that actually help people. Schools, roads, health care.

It makes borrowing much more expensive, which affects everything from mortgages to student loans. And it weakens global confidence in the U.S. economy. Ray Dalio put it very bluntly on our show. If we don't get the debt under control, we risk more than just inflation. We risk collapse of confidence in the dollar itself.

It makes borrowing much more expensive, which affects everything from mortgages to student loans. And it weakens global confidence in the U.S. economy. Ray Dalio put it very bluntly on our show. If we don't get the debt under control, we risk more than just inflation. We risk collapse of confidence in the dollar itself.

It makes borrowing much more expensive, which affects everything from mortgages to student loans. And it weakens global confidence in the U.S. economy. Ray Dalio put it very bluntly on our show. If we don't get the debt under control, we risk more than just inflation. We risk collapse of confidence in the dollar itself.

And that's when you start talking about recessions and start worrying about depressions. He's not being dramatic, although this is dramatic. He has seen a pattern globally. When countries owe more money than they can pay and they don't have a clear plan, they resort to printing money. And that has a very short runway. So here's what's actually in the bill on the spending side.

And that's when you start talking about recessions and start worrying about depressions. He's not being dramatic, although this is dramatic. He has seen a pattern globally. When countries owe more money than they can pay and they don't have a clear plan, they resort to printing money. And that has a very short runway. So here's what's actually in the bill on the spending side.

And that's when you start talking about recessions and start worrying about depressions. He's not being dramatic, although this is dramatic. He has seen a pattern globally. When countries owe more money than they can pay and they don't have a clear plan, they resort to printing money. And that has a very short runway. So here's what's actually in the bill on the spending side.

The biggest cuts come from Medicaid and SNAP. Those are food stamps to the tune of $1.1 trillion. Medicaid enrollment would happen every six months instead of annually, and people without kids or disabilities would have to work 80 hours a month to qualify. The idea is fewer people get benefits, so there's less spending. But it also means millions could get kicked off programs that they rely on.

The biggest cuts come from Medicaid and SNAP. Those are food stamps to the tune of $1.1 trillion. Medicaid enrollment would happen every six months instead of annually, and people without kids or disabilities would have to work 80 hours a month to qualify. The idea is fewer people get benefits, so there's less spending. But it also means millions could get kicked off programs that they rely on.

The biggest cuts come from Medicaid and SNAP. Those are food stamps to the tune of $1.1 trillion. Medicaid enrollment would happen every six months instead of annually, and people without kids or disabilities would have to work 80 hours a month to qualify. The idea is fewer people get benefits, so there's less spending. But it also means millions could get kicked off programs that they rely on.

There are also cuts to housing and education, including reductions to school funding and affordable housing subsidies. That's how this bill saves money by giving fewer people access to services. On the tax side, the bill extends and expands President Trump's 2017 tax cuts.

There are also cuts to housing and education, including reductions to school funding and affordable housing subsidies. That's how this bill saves money by giving fewer people access to services. On the tax side, the bill extends and expands President Trump's 2017 tax cuts.

There are also cuts to housing and education, including reductions to school funding and affordable housing subsidies. That's how this bill saves money by giving fewer people access to services. On the tax side, the bill extends and expands President Trump's 2017 tax cuts.

And that includes no federal tax on tips and overtime pay from 2026 to 2028, no tax on Social Security benefits, a $2,500 child tax credit through 2028 for families with Social Security numbers, interest on U.S.-made car loans become tax deductible, and the standard deduction goes up through 2028. These all sound great, and to be honest, many are.