One Big Beautiful Bill? A Preliminary Assessment

The “One Big Beautiful Bill Act of 2025” (OBBBA) is a sweeping tax-and-spending package that could reshape federal fiscal policy for decades to come. This paper summarizes the act’s major provisions and provides preliminary analysis. Independent estimates find that the act is expensive, regressive, and unlikely to boost Americans’ income much over the long term. It uses up resources that would otherwise have been sufficient to resolve Social Security’s long-term shortfall. It raises the number of people without health insurance by 10 million. It is broadly unpopular. And it was enacted through a budget procedure that invites future budget abuses.