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The Excerpt

SPECIAL | Trump's "Big Beautiful Bill" is now law: Who are the winners and losers?

The Excerpt

USA TODAY

Daily News, News

4.41.2K Ratings

🗓️ 9 July 2025

⏱️ 13 minutes

🧾️ Download transcript

Summary

After a furious few weeks of debate, closed door negotiations, open floor debate and deal-making, the Republican-controlled legislature has finally passed a final version of President Donald Trump’s budget priorities referred to by Republicans as “One Big Beautiful Bill.” It is likely going to be the most significant legislative accomplishment of Trump’s second term. And as with most bills, this one has its winners and its losers. But make no mistake, it will impact every American one way or another. USA TODAY Senior Congress and Campaigns Reporter Riley Beggin joins The Excerpt to explain what's in the final bill. 

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Transcript

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0:00.0

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0:08.0

It's how Dana Farber is working to treat previously untreatable cancers.

0:12.2

Learn more at Danafarber.org slash everywhere.

0:18.9

Hello, I'm Dana Taylor, and this is a special episode of USA Today's The Excerpt.

0:32.5

After a furious few weeks of debate, closed-door negotiations, open floor debate, and deal-making.

0:39.9

The Republican-controlled legislature has finally passed a final version of President Donald

0:45.1

Trump's budget priorities referred to by Republicans as one big, beautiful bill. It's likely

0:50.5

going to be the most significant legislative accomplishment of Trump's second term.

0:56.6

And as with most bills, this one has its winners and its losers, but make no mistake, it will impact every American one way or another.

1:05.2

Here to help us dig into its impact on Americans is USA Today's Senior Congress and Campaigns reporter, Riley Began.

1:12.0

Riley, I know you've logged a lot of hours following all of the developments on the Hill.

1:16.9

Thank you so much for coming on the excerpt.

1:18.9

So happy to be here.

1:20.3

Let's start with one of the most discussed, some would say, contentious aspects of this bill.

1:25.9

It's price tag.

1:30.0

What does the nonpartisan Congressional Budget Office say it will cost? And how might this impact the economy? So the latest estimates on this

1:36.0

from the Congressional Budget Office, as you mentioned, is $3.4 trillion added to the national

1:41.0

deficit over the next 10 years. In terms of economic impact, there are a lot of

1:45.9

potentials here, and I will say that that is just an estimate. Things tend to change over time.

1:51.1

There are business incentives in this bill that would boost economic output, but what the CBO has

1:57.4

found is essentially the costs outweigh those benefits when it comes to addition to the

2:02.3

deficit. And when we're talking about the size of the national debt, that's a big topic. There are a lot of

...

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