The bill continues tax cuts from President Trump's first stint in the White House, funds his border wall plan, and increases defense spending. The associated fiscal impact of this is offset by reducing federal support for key components of the social safety net, including food assistance and health coverage programs.

Both parties feel a sense of urgency to enact their agenda if they win the White House, House and Senate. But there are downsides to a very big bill.

On Tuesday afternoon, the Senate passed President Trump’s domestic spending bill, branded the “Big Beautiful Bill.” The legislation has been the subject of in-fighting among Republicans and contempt among Democrats,