Budget bill would add trillions to U.S. debt and increase inequality, Nobel laureate economists say

Six Nobel laureate economists said a massive budget bill passed by House lawmakers last month and backed by Trump would weaken key safety-net programs while greatly lifting the federal debt.

The tax and spending package, which Republicans have dubbed the "one big beautiful bill," would hurt millions of Americans by slashing Medicaid and food stamps, the economists wrote in a June 2 letter on behalf of the Economic Policy Institute, a left-leaning think tank.

"Even with the safety net cuts, the House bill leads to public debt rising by over $3 trillion in coming years (and over $5 trillion over the next decade if provisions are made permanent rather than phasing out)," the economists state. "The higher debt and deficits will put noticeable upward pressure on both inflation and interest rates in coming years."