The core focus of the 'One Big Beautiful Bill Act' is to implement tax cuts, spending reductions, and strengthen border security, with key provisions including over $5 trillion in tax cuts and significant spending cuts, including Medicaid reductions.

The bill includes a provision banning states and localities from regulating artificial intelligence for a decade, which has sparked concern among state governments. However, its future is uncertain due to potential Senate procedural issues.

The bill failed in the committee due to lack of support from some Republicans, who opposed key aspects such as Medicaid cuts, joining Democrats in opposition.

The bill could increase deficits and harm millions of people due to steep Medicaid cuts and the elimination of green energy tax credits, while also potentially boosting economic growth through tax cuts.