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Cato Weekly Podcast • July 24, 2025 

# The Good, The Bad and the Beautiful 

Adam Michel, Michael Cannon, and Dominik Lett break down the One Big Beautiful Bill. Is it $3.4 trillion, or actually $6 trillion? Is Medicaid getting a cut or a trim? With spending cuts pushed to later years and tax benefits front-loaded, the scholars dissect the political calculations and baseline accounting that shaped this massive piece of legislation.

#### Show Notes 

[![medicaid](/sites/cato.org/files/styles/content_teaser/public/2023-12/Medicaid%20.jpg?itok=dd4Odexe)](https://www.cato.org/blog/congress-must-cut-reform-medicaid) 

blog 

### [Congress Must Cut and Reform Medicaid](/blog/congress-must-cut-reform-medicaid) 

By [Michael F. Cannon](https://www.cato.org/people/michael-f-cannon), [Krit Chanwong](https://www.cato.org/people/krit-chanwong), and [Dominik Lett](https://www.cato.org/people/dominik-lett) 

Along with Medicare, Medicaid is the main reason the federal government is hurtling toward a debt crisis. A debt crisis would trigger significant economic hardship and require drastic cuts to both programs.

[![View of the capitol with storms on the horizon](/sites/cato.org/files/styles/content_teaser/public/2025-07/photo-1624486243050-f342ebcf4bff.jpg?itok=s9PObMtu)](https://www.cato.org/blog/senates-big-beautiful-blunder-could-increase-debt-6-trillion) 

blog 

### [The Senate’s Big Beautiful Blunder Could Increase the Debt by $6 Trillion](/blog/senates-big-beautiful-blunder-could-increase-debt-6-trillion) 

By [Dominik Lett](https://www.cato.org/people/dominik-lett) 

The Senate’s megabill is a fiscal disaster. It violates the House’s fiscal framework and speeds the nation toward crisis.

[![Capitol with dollars. Budget, spending.](/sites/cato.org/files/styles/content_teaser/public/2021-05/202105_budget_spending.jpg?itok=0cIFJb2S)](https://www.cato.org/blog/fiscal-hawks-defense-gops-deficit-busting-budget-bill) 

blog 

### [A Fiscal Hawk’s Defense of the GOP’s Deficit-Busting Budget Bill](/blog/fiscal-hawks-defense-gops-deficit-busting-budget-bill) 

By [Adam N. Michel](https://www.cato.org/people/adam-n-michel) 

Fiscal hawks should celebrate the wins in the bill. If we don’t defend the good reforms, future Congresses will continue to do what’s bad and politically easy.

[![Capitol building with Senate](/sites/cato.org/files/styles/content_teaser/public/2020-09/capitol%20building-min-min.jpg?itok=b7kBii2H)](https://www.cato.org/commentary/senate-budget-offers-dessert-first-spinach-later) 

Commentary 

### [The Senate Budget Offers ‘Dessert First, Spinach Later’](/commentary/senate-budget-offers-dessert-first-spinach-later) 

By [Michael F. Cannon](https://www.cato.org/people/michael-f-cannon) 

It would perpetuate a system where politicians impose massive tax burdens on future generations to enrich today’s special interests.

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Adam N. Michel cropped](/sites/cato.org/files/styles/author_picture/public/2023-02/adam-michel-cropped.jpg?itok=2xIg84-_)](/people/adam-n-michel) 

##### [Adam N. Michel](/people/adam-n-michel)

Director of Tax Policy Studies, Cato Institute

[ 

](https://x.com/adamnmichel) 

[![Michael F. Cannon](/sites/cato.org/files/styles/author_picture/public/2021-01/Michael%20Cannon.jpg?itok=0UROn8Dc)](/people/michael-f-cannon) 

##### [Michael F. Cannon](/people/michael-f-cannon)

Director of Health Policy Studies, Cato Institute

[ 

](https://x.com/mfcannon) [ 

](mailto:mcannon@cato.org) 

[![Dominik Lee cropped](/sites/cato.org/files/styles/author_picture/public/2025-03/dominik-lett%20Cropped.jpg?itok=45gTbBqN)](/people/dominik-lett) 

##### [Dominik Lett](/people/dominik-lett)

Former Policy Analyst, Cato Institute