FILE: Washington D.C., USA - Oct 2024 (CCTV Video News Agency - No access Chinese mainland)
1. Various of Capitol Hill, U.S. national flag

Beijing, China - July 4, 2025 (CGTN - No access Chinese mainland)
2. SOUNDBITE (English) Einar Tangen, research fellow, Taihe Institute (ending with shots 3-5):
"Based on lower tax revenues, remember he's firing a lot of people at the internal revenue services and he's cutting taxes. That means he's going into his own economic base. And remember, last year, just under 6 trillion dollar budget, 2 trillion was borrowed. This is not a good thing. So, lower tax revenues, more deficit borrowing and higher interest rates. I've talked to economists who say this could go as high as 17 trillion dollars if you start adding up the additional interest payments that might be put on the national debt as it rose. Remember this is going to continue to go up, and if people don't have confidence, they're going to demand a higher premium rate. So, it's really difficult to see how this is going to work."

Washington D.C., USA - July 2, 2025 (CCTV - No access Chinese mainland)
3. Lightbox showing real-time national debt

FILE: USA - Exact Location and Date Unknown (CCTV - No access Chinese mainland)
4. Various of U.S. dollar banknotes being printed

FILE: New York City, USA - Oct 2024 (CCTV Video News Agency - No access Chinese mainland)
5. Various of traffic

Beijing, China - July 4, 2025 (CGTN - No access Chinese mainland)
6. SOUNDBITE (English) Einar Tangen, research fellow, Taihe Institute (partially overlaid with shot 7):
"This bill is wildly unpopular. We're talking about 64 to 65 percent unfavorable overall. And you start looking at Democrats, overwhelmingly by about 10 points over independents. There is a solid base of MAGA supporters, but even the ones who are not MAGA Republicans, they overwhelmingly don't like it. This adds up to a lot of votes, so you're looking at midterm which is going to be very, very difficult for Donald Trump. Republicans, they might have to concede the midterms, but I've talked to some of them, and they say they plan to blame the Democrats for any resulting chaos and then set the stage for a strong presidential bid in the next presidential cycle."

++SHOT OVERLAYING SOUNDBITE++
FILE: Washington D.C., USA - Oct 2024 (CCTV Video News Agency - No access Chinese mainland)
7. Various of White House
++SHOT OVERLAYING SOUNDBITE++

FILE: New York City, USA - Oct 2024 (CCTV Video News Agency - No access Chinese mainland)
8. Various of pedestrians, traffic

U.S. President Donald Trump's One Big Beautiful Bill, a sweeping package of trillions of dollars of spending and tax breaks that was passed by the Senate on Thursday, will exacerbate rather than solve America's economic woes, an American political and economic affairs expert said in Beijing on Friday.

The bill is slated to go to Trump's desk for his signature on Friday. It contains 4.5 trillion U.S. dollars in tax cuts that Trump implemented during his first term, as well as additional tax breaks. Those include no taxes on overtime pay or tips, as well as a 6,000-dollar deduction for older people who earn under 75,000 dollars annually.

In an interview with China Global Television Network, Einar Tangen, a senior fellow at the Beijing-based think tank Taihe Institute, said the bill will drive up fiscal deficit, national debt and interest rates.

"Based on lower tax revenues, remember he's firing a lot of people at the internal revenue services and he's cutting taxes. That means he's going into his own economic base. And remember, last year, just under 6 trillion dollar budget, 2 trillion was borrowed. This is not a good thing. So, lower tax revenues, more deficit borrowing and higher interest rates. I've talked to economists who say this could go as high as 17 trillion dollars if you start adding up the additional interest payments that might be put on the national debt as it rose. Remember this is going to continue to go up, and if people don't have confidence, they're going to demand a higher premium rate. So, it's really difficult to see how this is going to work," Tangen said.

The bill could also play a major role in shaping voter preferences for the country's 2026 mid-term elections, in which Democrats will seek to wrestle back control over the country's legislature.

"This bill is wildly unpopular. We're talking about 64 to 65 percent unfavorable overall. And you start looking at Democrats, overwhelmingly by about 10 points over independents. There is a solid base of MAGA supporters, but even the ones who are not MAGA Republicans, they overwhelmingly don't like it. This adds up to a lot of votes, so you're looking at midterm which is going to be very, very difficult for Donald Trump. Republicans, they might have to concede the midterms, but I've talked to some of them, and they say they plan to blame the Democrats for any resulting chaos and then set the stage for a strong presidential bid in the next presidential cycle," he said.