The One Big Beautiful Bill Act (OBBBA), passed in 2025, has quickly become one of the most controversial pieces of legislation in modern U.S. history.
With sweeping tax cuts, major shifts in healthcare policy, and huge discretionary spending increases, the bill’s total cost is staggering, nearly $3 trillion as passed, and close to $4 trillion if key provisions are made permanent.
Among the loudest voices criticizing the bill is hedge fund manager Spencer Hakimian, who posted this week on X: “The Big Beautiful Bill is the most financially damaging law ever passed in American history.”
He shared a chart comparing it to other major federal spending bills, making clear just how outsized the OBBBA’s price tag really is.
For context, the CARES Act of 2020 cost about $1.5 trillion. The American Rescue Plan under President Joe Biden? Around $1.9 trillion. By comparison, the OBBBA makes both look modest. Even the 2017 Tax Cuts and Jobs Act, passed under Trump, was smaller at around $1.5 trillion.
A Budget-Buster Like No Other
According to the Center for a Responsible Federal Budget, the Yale Budget Lab, and an analysis published by The New York Times, the OBBBA is projected to add at least $3 trillion to the national deficit over the next decade.
If extended permanently, that figure rises closer to $4 trillion. The bill’s cost is so large that it could send the federal debt-to-GDP ratio to nearly 130% by 2035, up from just under 100% today.
The law heavily favors high-income individuals and corporations. Critics say it will result in around 10 million Americans losing Medicaid coverage, while also reversing much of the progress made under the Affordable Care Act.
It also eliminates major green energy incentives, which experts warn will slow efforts to reduce greenhouse gas emissions.
Less Coverage, More Costs
A breakdown from the Center for American Progress highlighted several provisions that didn’t make headlines but will directly impact everyday Americans:
It defunds Planned Parenthood clinics for a year, stripping Medicaid patients of access to services like STI screenings and cancer checks.
It blocks a rule that makes it easier for low-income seniors to enroll in Medicare Savings Programs.
The result? Out-of-pocket costs for vulnerable enrollees could spike by thousands per year.
It mandates new out-of-pocket expenses for Medicaid users, with families making around $33,000 potentially paying up to $1,650 annually.
It reinstates strict work reporting rules for food stamp recipients, including youth aging out of foster care, veterans, and the homeless, likely kicking hundreds of thousands off SNAP benefits.
It removes all existing income-driven student loan repayment plans, replacing them with a more expensive option that increases annual payments by nearly $3,000 for a typical borrower.
Executive Power, Expanded
The bill also gives the Trump administration significant, unchecked funding:
$30 billion to expand Immigration and Customs Enforcement (ICE), tripling its budget.
Past enforcement actions by ICE have drawn sharp criticism and legal challenges.
$100 million to the White House Office of Management and Budget, led by Project 2025 architect Russell Vought, to fund “efficiency reviews.”
Critics argue this will enable the administration to continue withholding legally allocated funds.
According to Steven Rattner, a former Treasury official who wrote a guest essay for The New York Times, “Trump plunged back into office with a muscularity unmatched by any other president in my lifetime.”
He emphasized that much of Trump’s economic agenda, including OBBBA, relies on executive orders instead of traditional lawmaking.
Public Sentiment Tanks
Rattner’s analysis includes a striking detail: despite Trump’s sweeping actions, the economic results have disappointed many Americans.
The unemployment rate ticked up to 4.6% by late 2025, and job growth has slowed to just 55,000 new jobs per month, a steep drop from 192,000 per month during Biden’s last two years.
Inflation remains stubborn at around 3%, driven in part by Trump’s high tariffs. Consumer sentiment is near historic lows, and Trump’s approval rating has dropped to 36% after one year, lower than any other modern president at that point.
The Verdict
Hakimian’s message pulls no punches, but the data backs up his claim.
The One Big Beautiful Bill Act not only carries a price tag larger than any legislation in recent history, it also introduces wide-reaching changes that critics argue will harm low-income Americans, weaken healthcare access, and deepen the national deficit.
Whether it truly is the most financially damaging law in American history may be debated for years, but for many economists, budget experts, and everyday families already feeling the effects, the damage is very real, and just beginning.