Trump’s $4.5 Trillion Tax, Spending Bill Advances

President Donald Trump's 'One Big Beautiful Bill,' a nearly 900-page legislative package, narrowly passed Congress with a 218-214 vote and is scheduled to be signed on July 4. The bill permanently extends $4.5 trillion in tax cuts from Trump's first term, introduces new deductions for workers and retirees, and increases the child tax credit, though lower-income families receive less benefit. It also authorizes hundreds of billions in new funding for national defense and mass deportations, while imposing $1.2 trillion in cuts to Medicaid, food assistance, and renewable energy incentives. The Congressional Budget Office projects the bill will add over $3.4 trillion to the national deficit over the next decade, with critics warning it will leave millions without health insurance and escalate hardship for seniors and children. Democrats uniformly opposed the legislation, calling it a boon for corporations and the wealthy at the expense of working families, while Republicans hailed it as a historic investment in defense, border security, and economic growth. The bill's sheer size and complexity have drawn concern from both parties about the public's ability to fully grasp its impact.