Overview

• President Trump signed the 940-page One Big Beautiful Bill into law on July 4 in a South Lawn ceremony featuring a military picnic and aerial flyover.
• The bill cleared the Senate in a 51-50 vote with Vice President JD Vance casting the tiebreaker and passed the House 218-214 along party lines using the budget reconciliation process.
• It makes permanent the 2017 tax cuts, exempts tips and overtime pay from federal taxation and permits deductions on auto loan interest.
• Lawmakers approved roughly $170 billion for border security and defense spending while cutting Medicaid and SNAP funding by about $1.2 trillion.
• Nonpartisan forecasts warn of a $3.3 trillion deficit spike; Democrats have vowed to spotlight the law’s $1.2 trillion welfare cuts alongside its rising debt burden in the 2026 midterms.