What the Reconciliation Bill Means for U.S. Households

Kent Smetters, faculty director of the Penn Wharton Budget Model and professor of business economics and public policy at the Wharton School, discusses the newly passed reconciliation bill, highlighting its projected $3.6 trillion increase to the national debt, minimal near-term economic growth, and long-term GDP decline, along with how the legislation may reduce resources for lower-income households.