President Trump Signs $4.5 Trillion Tax, Spending Cuts Bill

President Donald Trump is set to sign a significant tax and spending bill, dubbed "One Big Beautiful Bill," into law this Friday during the White House Fourth of July celebration. The legislation, which extends Trump's 2017 multitrillion-dollar tax cuts and includes $1.2 trillion in Medicaid and food stamp cuts, aims to transform the nation’s economy but has drawn sharp criticism from Democrats who argue it will harm millions by stripping health insurance and food assistance. The bill also includes a substantial increase in immigration enforcement and passed Congress with near-unanimous Republican support despite a prolonged Democratic opposition. The House approved the bill largely along party lines, and it narrowly passed the Senate by one vote, with some Republican dissenters facing political repercussions. Trump described the bill as a transformative measure that will propel the country forward economically, while Democrats labeled it a harmful giveaway to the wealthy. The bill’s signing is expected to be accompanied by a patriotic display including fighter jets and a stealth bomber at the White House event.