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    Multi-asset chart of the week

    Multi Asset chart of the week

    12 June 2025 Multi-asset
    Week to 13 June 2025

    The ‘One Big Beautiful Bill Act’ could add $2.4 trillion to the US primary deficit by 2034

    Shantanu Tandon, Portfolio Manager, said: “The 'One Big Beautiful Bill Act' aims to extend the 2017 Trump tax cuts set to expire at year-end. The bill proposes an additional $663bn in new cuts, funded by removing some tax credits and targeted tax increases. The non-partisan Committee for a Responsible Federal Budget estimates the bill could raise the primary deficit by $2.4tr by 2034 and increase the US debt-to-GDP ratio to 125% from 100%. Hardline Republicans are pushing for greater spending cuts. The bill was narrowly passed by the US House of Representatives and is now being debated in the Senate. Markets are closely watching the developments over the proposed budget as it remains concerned about longer-term fiscal sustainability in the US.”

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    Source: US Congressional Budget Office, Joint Committee on Taxation and Insight Investment as at 5 June 2025
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