Trump's 'Big Beautiful' Bill Trims Deficit Slightly But Keeps Borrowing On 'Much Steeper' World War II-Era Trajectory, Says Goldman Sachs

Goldman Sachs says President Donald Trump's "Big, Beautiful" spending-and-tariff plan would do little to slow a debt load already racing toward levels last seen at the end of World War II, warning that interest costs alone will top $1 trillion next year.

In a note to clients, Goldman Sachs economists Manuel Abecasis, David Mericle, and Alec Phillips stated that the bill slightly reduces the primary deficit but leaves overall borrowing "on much steeper trajectories," reported Fortune.

"The debt-to-GDP ratio is approaching the post-WWII high, and much higher real interest rates have put debt and interest expense … on much steeper trajectories than appeared likely last cycle," ...