Key Points

• Legislation passed by Republicans in the House and now being considered in the Senate would increase the U.S. debt by more than $3 trillion after interest and economic effects, according to estimates.

• The “One Big Beautiful Bill Act” is a “debt bomb ticking,” one GOP lawmaker said.

• The debt can have a big impact on household finances, by raising the cost of borrowing and reducing the value of investors’ bond holdings, according to economists.

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