Trump Signs One Big Beautiful Bill Into Law

Trump’s permanent extension of 2017 tax cuts and new deductions for tipped and overtime earnings are now law. The bill phases in work and eligibility requirements that will cut $1.2 trillion from Medicaid and SNAP budgets over the coming years. It raises the federal debt ceiling by $5 trillion to avert a default, with the CBO projecting up to $3.3 trillion in additional deficits over a decade. Billions in new funding have been released for Immigration and Customs Enforcement and Customs and Border Protection to expand enforcement operations. Tax credits for new wind and solar projects have been eliminated, marking a rollback of green energy incentives.