The cost of Trump’s ‘big, beautiful bill’
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 4 July 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
Donald Trump has secured passage of his flagship tax and spending legislation and the US jobs market exceeded expectations last month. Plus, the future of the UK’s National Health Service could be in jeopardy, and Hong Kong residents cancel trips to Japan over a comic book’s earthquake prophecy.
Mentioned in this podcast:
What is in Donald Trump’s giant tax-cutting bill
US economy surpasses expectations to add 147,000 jobs in June
Hongkongers scrap Japan trips over comic book’s earthquake prophecy
Today’s FT News Briefing was produced by Sonja Hutson and Katya Kumkova. Additional help from Blake Maples, Michael Lello, and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | For over 40 years, Equinoor has been an energy partner to the UK. |
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| 0:16.9 | 99.6% of Equinor's energy output is oil and gas. |
| 0:20.5 | Our investment in renewables and low-carbon |
| 0:22.4 | solutions has increased from 4% in 2020 to 27% in 2024. Find out more at equinor.com. |
| 0:31.3 | Good morning from the Financial Times. Today is Friday, July 4th, and this is your FT News briefing. U.S. President Donald |
| 0:39.8 | Trump's signature budget bill got the green light, and the American jobs market is looking |
| 0:45.8 | better than expected. Plus, can the UK Labor Party save the National Health Service? I'm |
| 0:52.5 | Sonia Hudson, and here's the news you need to start your day. |
| 1:03.6 | The U.S. Congress gave final approval yesterday to President Trump's massive budget legislation. |
| 1:10.8 | That means the so-called big, beautiful |
| 1:13.2 | bill is just a signature away from becoming law. Now, getting here wasn't easy. Democrats slammed |
| 1:20.7 | the bill for its spending cuts on welfare programs, and some Republicans were worried about its |
| 1:26.6 | fiscal impact. It passed the House of Representatives |
| 1:29.6 | by just four votes. So what's in the bill anyway? Here to tell us is my colleague Miles McCormick. He's |
| 1:36.7 | our U.S. economics correspondent. Hi, Miles. Hey, Sonia. Okay, so every budget bill has two parts, impacts on taxation and then impacts on spending. |
| 1:49.3 | Let's start with the first one. |
| 1:52.2 | How does the Big Beautiful bill change the U.S. tax code? |
| 1:56.2 | So the fundamental purpose of this bill is to extend these sweeping tax cuts that Donald Trump |
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