President Donald Trump has signed his $3.3 trillion ‘Big, Beautiful Bill,’ marking a major legislative victory for his second term agenda. The sweeping package includes permanent extensions of the 2017 Tax Cuts and Jobs Act, new tax deductions for tips and overtime, and an increase in the federal debt limit by $5 trillion. The bill also rescinds certain green energy tax credits from the Biden administration and allocates $350 billion for defense and Trump’s mass deportation initiative. Additionally, it introduces work requirements for Medicaid and SNAP recipients, drawing criticism from Democrats who labeled the measure ‘cruel.’
Before signing the bill, Trump emphasized its economic benefits, claiming it would ‘fuel massive economic growth’ and ‘lift up hard-working citizens.’ He described the legislation as the ‘largest tax cut in the history of our country,’ promising that it would herald the ‘Golden Age of America.’ However, the bill faced significant opposition, particularly from Democratic lawmakers and critics like former SpaceX and Tesla CEO Elon Musk, who voiced concerns about the $5 trillion debt limit increase.
The legislation passed through a contentious process, with Senate Republicans scrambling to reform and pass the measure before Trump’s July 4 deadline. Republican senators Susan Collins, Thom Tillis, and Rand Paul voted against the bill, requiring Vice President JD Vance to cast the tie-breaking vote. The Senate narrowly approved the measure on a 51-50 vote, highlighting the partisan nature of the bill’s passage.
Despite the opposition, the bill’s passage was seen as a crucial step in fulfilling Trump’s promise to ‘make America great again.’ Administration officials warned that failing to pass the bill would lead to a 60% tax hike and trigger a recession. However, the measure has sparked debates over its economic impact, its effects on vulnerable populations, and the long-term implications of the debt limit increase.