On July 4th, local time, U.S. President Trump signed the "Big and Beautiful" Tax and Spending Bill, making it effective. The bill has been controversial due to its reduction of federal aid, increase in long-term debt, and tax cuts for the wealthy and large corporations. The New York Times pointed out that this bill sets the United States on a new, more dangerous fiscal path. Preliminary analyses indicate that the bill will increase the U.S. deficit by approximately $3.3 trillion over the next 10 years and reduce the nation's tax revenue for decades to come. This gap could lead to a dramatic shift in the U.S. fiscal trajectory and exacerbate concerns over the debt crisis.