Trump's 'Rocket Ship' Budget Could Crash the US Economy, Economists Warn

US President Donald Trump's controversial Big Beautiful Bill — now widely nicknamed the 'rocket ship' bill — is on the brink of becoming law after a narrow and heated battle in Congress. While Trump and his Republican allies celebrate what they call a historic victory, economists and critics warn that the legislation could have disastrous consequences for the US economy.

Trump's 'rocket ship' bill narrowly clears Congress

On Thursday 3 July 2025, the US Congress passed Trump's Big Beautiful Bill after a tense vote in the House of Representatives. The legislation was approved by just four votes, passing with a count of 218 to 214.

The president was quick to praise the outcome, boldly declaring that the bill would transform the United States 'into a rocket ship'.

'This is going to be a great bill for the country,' Trump told the BBC.

The US president is expected to sign the legislation into law during a ceremony on 4 July, coinciding with Independence Day. The timing is being hailed by his supporters as symbolic of a 'new era' for America.

Belief and last-minute deals helped secure victory

Republican Speaker Mike Johnson described 'belief' as the driving force behind the bill's success. 'I believed in the people standing here behind me... Some of them are more fun to deal with,' he joked, before clarifying that his remarks were made with 'the greatest level of respect'.

One of the most surprising turnarounds came from US Representative Chip Roy of Texas. Roy had initially opposed the bill when it passed through the Senate, voicing strong concerns over its provisions. However, he shifted his stance at the final hour. Although no major amendments were made to the legislation, Roy stated that he felt they had arrived at 'a good result on key things', allowing him to support the final vote.

Only two lawmakers — Thomas Massie and Brian Fitzpatrick — ultimately voted against the bill. Following the announcement, dozens of Republican members gathered on the House floor to cheer and celebrate the narrow victory.

Economists warn of soaring debt and economic risk

While Republicans celebrated, economic experts and opposition leaders voiced grave concerns. According to DW, the Big Beautiful Bill could add as much as £2.7 trillion ($3.4 trillion) to the US national debt over the next ten years. Critics argue that such a massive increase in borrowing could weaken the economy, reduce future spending capacity and trigger higher interest rates.

Former House Speaker Nancy Pelosi condemned the vote, saying that Congress' decision 'ushers in a dark and harrowing time'. She described Trump's rocket ship bill as a 'dangerous checklist of extreme Republican priorities' that puts political ambitions above economic stability.

North Carolina Representative Deborah Ross also criticised those who supported the bill, saying that they had ignored the warnings of experts and put ordinary Americans at risk.

Public opinion deeply divided

Beyond Capitol Hill, the American public remains sharply divided over the controversial legislation. A recent Quinnipiac University poll revealed that 55% of voters oppose the bill becoming law, while only 29% expressed support for Trump's proposal.

Despite the mounting backlash, Trump remains defiant. Supporters claim the bill will unleash unprecedented economic growth and boost American global competitiveness. Detractors, however, fear it will deepen inequality and leave future generations to shoulder a staggering debt burden.

As the president prepares to sign the bill on Independence Day, all eyes will be on whether Trump's promised 'rocket ship' future can truly take off — or if it will crash under the weight of economic reality.