While OBBBA is projected to increase the deficit, it does so alongside reductions in actual government spending and outlays. This can have the effect of less “stimulus” reaching ordinary citizens. And this is particularly relevant given that the health-care sector has powered job growth in the US economy in 2025. Indeed, health care and hospitality together account for 100% of US job growth this year. A reduction in fiscal support to these sectors would therefore limit their ability to continue generating employment, potentially further weakening the US labor market. A last important point we want to make: With rates coming down in 2026, the US government will have lower borrowing costs. That means fewer interest payments to the private sector. That’s liquidity negative and will reduce the fiscal deficit even further. Read more: