President Donald Trump celebrated the House’s passage of his ‘big, beautiful bill,’ describing it as the ‘biggest bill of its kind ever signed.’ The sweeping legislation, which includes significant tax cuts and major investments in border security and the military, passed with a narrow 218-214 vote after an all-night session on Capitol Hill. Trump, who previously urged lawmakers to prioritize the bill over ‘grandstanders,’ praised the outcome as a sign of GOP unity ahead of Independence Day.
The measure, which faces bipartisan opposition, was criticized for its fiscal implications, with some arguing that the tax cuts could exacerbate the national debt. Trump, however, emphasized that the bill would ‘create historic economic growth to usher in America’s Golden Age.’ He also outlined a celebratory signing ceremony for Independence Day, featuring Air Force jets flying overhead. The White House stated that the bill’s combined tax cuts and pro-growth policies would ‘slash our deficits and debt.’
While the bill’s passage marked a significant political victory for Trump, its long-term economic impact remains uncertain. Analysts warned that the tax cuts could lead to increased deficits without corresponding revenue increases or spending cuts. The bill’s final details, including specific tax cuts and funding allocations, will be critical in determining its economic impact.