NY Times Finally Published What’s In Trump’s “One Big Beautiful [Billionaire’s] Bill”

Posted on July 1, 2025 by Bill Wolfe

The Bill Is “A Crime Scene” (Senator Whitehouse)

Before I get to the entire bill, let me first highlight a wonky issue I’ve tried to focus on in New Jersey energy policy debates – the so called PJM energy price auction and how the “single clearing price” is set (i.e. see this and this and this and this and this, the last two which focus on “capacity charges”).

Senator Whitehouse validates that criticism in a masterful job in his Senate floor speech in explaining how the single market clearing price drives up electricity prices by at least 30%, harms cheaper and cleaner renewables, and subsidizes fossil (watch, starting at time 6:25 – screen shot above).

Now, to the bill.

In the historical grandmother of “Too little, Too late” cowardice and journalistic malpractice, yesterday, after the House had passed the bill and just as the Senate had already begun floor debate (not committee hearings!), the NY Times published:

Here was my list of “lowlights” (crimes):

  • eliminating Medicaid health coverage of at least 14 million people;
  • cutting food stamps by 20% (millions of poor people impacted);
  • slashing senior citizen and children’s food programs by billions;
  • killing the wind and solar industries via not only eliminating subsidies but imposing a new tax and zeroing billions of dollars to other clean energy and climate programs (while providing over $45 billion in additional new subsidies to fossil);
  • $26 billion subsidy for “private school scholarships”;
  • cuts will force 1/4 of nursing homes, rural hospitals (which is offset by a new $23 billion slush fund targeted to Red State hospitals), and health clinics to close;
  • provide a 10 fold increase in the ICE deportation program that is not only cruel and illegal but will drive up food, construction, and housing prices;
  • increase of $150 billion in defense spending
  • increase in he deficit by about $4 trillion over 10 years –
  • all this while providing windfall tax cuts to billionaires and corporations that cost over $4 TRILLION, the read the CBO analysis:
  • increase $173 billion for immigration enforcement

  • $42 billion student loan program cuts

  • $45 billion fossil subsidies

  • $ 570 billion cut to clean energy

Of course, none of this considers the huge costs and negative economic impacts of Trump’s tariffs, deportation (labor), energy, military, climate, and environmental policies, which will cost $$$ trillions more.

No worries, it’s all good –

Migrants; antifascists; anti-Trump & anti-Genocide protesters; “woke” Universities, libraries and cultural institutions; and “globalist” Greta Thunberg are the real problems, right?

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