Trump Signs High-profile 'mega-legislative Bill' On Taxes And Spending
9- 5.07.2025, 8:10
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The document contains a number of priorities that the politician promoted in his election campaign.
US President Donald Trump has signed the tax and spending bill into law. The document contains a number of priorities that the politician promoted in his campaign but which experts have criticized.
It was reported by Bloomberg.
The president signed the law during a ceremony at the White House to mark the US Independence Day on July 4.
"It's really - promises made, promises kept," Trump said before signing the document at a public ceremony preceded by a flyover by U.S. Air Force F-35 fighter jets.
He also called the bill "the biggest victory so far."
A questionable success
The $3.4 trillion budget bill would extend tax breaks, provide temporary new tax breaks for workers who receive "tips," and fund measures to combat illegal immigration.
Bloomberg is convinced that the legislation was a major political victory for the president, whose second term so far has been characterized mostly by executive rather than legislative initiatives.
The law strengthens Trump's influence over the Republican Party, whose leaders on Capitol Hill ensured the bill's passage through the House and Senate this week.
To meet his July 4 deadline, Trump personally held phone calls and invited some lawmakers to the White House, putting pressure on key questionable members of Congress.
Republican leaders in Congress overcame minimal voting advantages, the only resistance from Democrats and objections from fiscal conservatives and moderates, to pass the bill before the president's July 4 deadline, which coincided with the Independence Day holiday.
Long-term implications
But as Bloomberg notes, this legislative success comes with political risks for both the president and the Republican Party, the effects of which could be felt for years to come.
The budget package includes significant funding cuts and new administrative restrictions for the nutrition and health care assistance programs that make up the social safety net for working and unemployed Americans.
The independent Congressional Budget Office estimates that the changes would result in the loss of Medicaid health insurance for about 11.8 million Americans. Some experts warn that cuts in payments to hospitals could lead to the closure of health care facilities in rural areas.
In addition, the cuts have eroded public support for Trump's plan - the latest polls show it is unpopular with the public.
Some Republican senators warn that the party could face an electoral backlash at the polls. Democrats have already vowed to use the bill as a campaign argument against Republicans ahead of the upcoming midterm elections.
Trump and his supporters have called the bill a boost to the economic recovery, ignoring impartial predictions that the package would increase the national debt.
"Our country will take off economically like a rocket," Trump said, dismissing polls showing the law is unpopular.
The Big Beautiful Bill
The Trump administration refers to the budget bill as the "Big Beautiful Bill" ("big beautiful bill" or "mega-legislative bill").
This is an informal, emotionally colored populist phrase that Trump often used for any document or agreement he deemed important and "good" as something big, effective, and attractive in terms of policy and influence.
The bill had a difficult path to approval and had scandalous overtones.
The Senate approved the document on July 1 by a one-vote margin by Vice President J.D. Vance. Trump intensified contacts with Republicans in the Senate to achieve this result.
The House of Representatives considered and approved the bill on July 3, also with a minimal margin of votes.
One of the fierce critics of the document is businessman Ilon Musk. He believes the document will trigger a significant increase in the U.S. national debt.
Musk has repeatedly openly criticized the law on social media, which sparked an emotional conflict with Trump in June.
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