Larry Summers doesn't see much to love in the sweeping tax and budget bill President Donald Trump signed into law over the holiday weekend.

On Sunday, the former US Secretary of the Treasury spoke to George Stephanopoulos of ABC News and laid out his take on the One Big, Beautiful Bill Act, taking aim at what he sees as a dire hit to America's fiscal health as a result of the historic legislative package.

"There is no economist anywhere, without a strong political agenda, who is saying that this bill is a positive for the economy," Summers said. "And the overwhelming view is that it is probably going to make the economy worse."

After weeks of deliberation, the One Big, Beautiful Bill Act recently passed in the House of Representatives, with Trump signing it into law on July 4. The bill is aimed at spurring economic growth through aggressive tax cuts, but economists, including those in the Congressional Budget Office, have said it will likely add trillions to the budget deficit.

Summers echoed those concerns, stating that he doesn't believe that the policies will boost the economy.

"How long can the world's greatest debtor remain the world's greatest power? And this is piling more debt onto the economy than any piece of tax legislation in dollar terms that we have ever had," he added.

Top economists were sounding the alarm before the bill's passage this weekend.

In June 2025, Nobel economists, including Paul Krugman, Joseph Stiglitz, and Simon Johnson published an open letter titled "The upside-down priorities of the House budget" through the Economic Policy Institute, a nonpartisan think tank.

"The United States has a number of pressing economic challenges to address, many of which require a greater level of state capacity to navigate—capacity that will be eroded by large tax cuts," the letter stated. "The House bill addresses none of the nation's key economic challenges usefully and exacerbates many of them."

The American Bankers Association has praised the bill, arguing that it could boost economic growth in the near term.

However, experts from the American Enterprise Institute, a center-right think tank, have taken a policy similar to Summers', speculating that the US is unlikely to see much growth as a result of the bill.