A group of Democratic state treasurers has come out strongly against the latest budget bill proposed by the Republican Party, arguing that it would disproportionately benefit the wealthy at the expense of vulnerable populations.

The bill, which aims to cut taxes and reduce federal spending, has been met with fierce resistance from Democratic leaders who claim it would lead to devastating consequences for Medicaid and other essential services.

According to a preliminary analysis by the Tax Policy Center, the majority of the tax cuts would go to households earning over $217,000, with the top 1% seeing a quarter of the benefits.

The treasurers, including Mike Pellicciotti of Washington State and Michael Frerichs of Illinois, argue that the bill would exacerbate the country's economic woes, including a chaotic tariff war that has led to rising costs for everyday items.

Pellicciotti warned that the combination of cuts to healthcare services and infrastructure, coupled with tax changes and trade policy, would lead to 'tectonic shifts' that would erode the economic environment.