Trump Signs GOP Reconciliation Bill With Large Deficit Impact

President Donald Trump signed the 'One Big Beautiful Bill,' a multitrillion-dollar reconciliation package that extends tax cuts and introduces Medicaid cuts, into law during a Fourth of July ceremony at the White House. The legislation, which narrowly passed Congress with strong Republican support, also includes provisions weakening the National Firearms Act by removing the $200 tax on purchasing or making silencers, short-barreled rifles, and shotguns—changes criticized by gun safety advocates as increasing risks of gun violence. Despite internal Republican debates over deficit spending and immigration provisions, key leaders like Speaker Mike Johnson and Senator John Thune maintained unity to pass the bill. The legislation is seen by supporters as a significant domestic achievement for President Trump and a foundation for a new American Golden Age. Critics, however, highlight the bill's potential to add hundreds of billions to the federal deficit and its impact on firearm regulations. The bill's enactment was marked by symbolic events including a flyover by B-2 Bombers, underscoring its importance to the administration.