Unpacking the consequences of the new US tax and budget legislation

Jason Furman, Joshua D. Rauh, Kimberly Clausing, and Maurice Obstfeld share their perspectives on the recent Republican budget legislation, referred to as the One Big Beautiful Bill Act (OBBBA). They discuss the impacts of the legislation on the country's fiscal stance, the macroeconomy, and tax policy goals. The conversation also considers the impact of the legislation on the rest of the world, examining consequences for global collective action, the role of the dollar, and international balances. 

A Q&A with the online audience follows.

PANELISTS

Kimberly Clausing
Nonresident Senior Fellow, PIIE; Eric M. Zolt Chair in Tax Law and Policy, University of California, Los Angeles

Jason Furman
Nonresident Senior Fellow, PIIE; Professor of the Practice of Economic Policy, Harvard Kennedy School and Department of Economics, Harvard University

Maurice Obstfeld
C. Fred Bergsten Senior Fellow, PIIE

Joshua D. Rauh
Senior Fellow, Hoover Institution, Stanford University; Ormond Family Professor of Finance, Stanford Graduate School of Business; Senior Fellow, Stanford Institute for Economic Policy Research (SIEPR)