When Republican congressmen first crafted their so-called “One Big Beautiful Bill Act”, some of US President Donald Trump’s advisers dubbed it the “Triple B” plan in internal meetings for brevity, or so I am told.
Future historians might well chuckle at the irony — and/or Trump’s lack of self-awareness. “Triple B”, after all, is also the tag that credit ratings groups use to designate the lower threshold of investment grade assets, before they become “junk”, with rising default risk.
And to many investors this “Triple B” Act, which will add over $3tn of debt in the next decade, represents a dangerous fiscal inflection point — particularly since Moody’s has just stripped away America’s AAA rating.
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