Despite the U.S. government calling its fiscal plan "a grand and beautiful bill," Lombard Odier struggles to see anything optimistic in it. The agency believes that this budget has little boost at the macroeconomic level and may further worsen the fiscal outlook. Strategic analyst Filippo Pallotti pointed out that the bill is expected to expand the federal deficit by about $4 trillion over the next decade; if tax cuts are made permanent, the deficit could be even higher. Although tariff revenue can alleviate fiscal pressure to some extent, the ratio of public debt to GDP is still expected to climb to 119% around 2034. Most tax cuts are unlikely to significantly boost consumption, and the largest spending cuts will be concentrated in healthcare and food assistance. Given this budget (Golden Ten) [Odaily Planet Daily]

Institutions: The "Big and Beautiful" bill has limited practical impact on the US economy