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 President 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 inf