Parsing the One Big Beautiful Bill Act (OBBBA): Big in Scale, Broad in Impact

August 2025

Recently, the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package, was passed by Congress.

It contains sweeping tax cuts and spending changes that could stimulate economic growth and corporate profits, while simultaneously widening the federal deficit, fanning inflation, and ultimately keeping interest rates higher. In the following update, we break down the OBBBA’s key provisions and assess their potential impact on the economy, financial markets, and fiscal outlook.