Overview

• President Trump formally signed the ‘One Big Beautiful Bill’ on July 4 with fireworks and a B-2 bomber flyover at the White House.
• The House approved the 869-page budget law 218–214 on July 3 after Democratic leader Hakeem Jeffries’ record nine-hour delaying speech.
• Major provisions extend large tax credits, eliminate taxes on tips and increase funding for defense and immigration enforcement.
• To offset costs, the legislation enacts deep cuts to Medicaid and SNAP and removes numerous renewable energy tax incentives.
• The nonpartisan Congressional Budget Office estimates the bill will add about $3.4 trillion to the federal debt by 2034.