Hidden Impacts of the House Budget Bill: Millions Affected by Child Tax Credit Changes and Student Loan Increases

The House recently passed a budget bill containing several controversial provisions. While the bill's major points have been widely discussed, some key aspects are receiving less attention. For example, the bill introduces significant changes to the child tax credit, impacting an estimated 4.5 million children. "Because now under this bill, to be eligible for a child tax credit, both your parents need to have social security numbers," explains Aaron Parnas, a political commentator. This provision disproportionately affects families with undocumented parents. The bill also increases student loan payments, with an estimated $3,000 annual increase for borrowers. The presenter suggests that this consolidation of repayment plans will make it more expensive for students. Furthermore, the bill establishes a Trump trust fund, providing $1,000 for each eligible child in 2026 and beyond. These less-discussed provisions are likely to have far-reaching consequences for many Americans. The bill's passage underscores the importance of careful consideration of all its implications.