US Debt Spiral Threatens Bank Stability as $5.5 Trillion Tax Cut Package Advances
The One Big Beautiful Bill Act proposes $5.5 trillion in tax cuts while reducing healthcare spending, pushing Social Security and Medicare insolvency to 2035. Fed Chair Jerome Powell's May 2026 departure raises concerns about central bank independence under political pressure. The fiscal deterioration occurs as global peers tighten budgets, with UK raising £3-4 billion annually through pension tax reforms.
ViaNews Editorial Team (Finance)•