Hello and welcome to the Vox Minute. This week, House Republicans are pushing what President Trump calls “the one big, beautiful bill,” a sweeping package to extend his 2017 tax cuts, add new tax breaks like “no tax on tips,” boost border and military spending by tens of billions, and raise the debt ceiling—all on a party-line vote.

But as Vox senior politics correspondent Andrew Prokop explains, “the big, beautiful bill is a big, ugly mess.” It would increase the deficit by at least $5 trillion over a decade, mostly unpaid for, with savage cuts to Medicaid, clean energy tax credits, student loans, and food stamps. Deep divisions within the GOP over rolling back the blue-state SALT cap and demands for even deeper cuts threaten to stall the package.

And in today’s high-inflation, high-interest environment, piling on debt could have painful economic consequences. Even if it passes, this “must pass” bill may look very different—or not pass at all.
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