President Trump’s $4.5 Trillion Bill Passed: ‘One Big Beautiful Bill’ Sets a New Economic Course for America

President Donald Trump’s massive $4.5 trillion tax cuts and spending reduction bill was officially approved by the U.S. Congress on Thursday. This legislation is part of Trump’s second-term policy agenda and was required to be passed before the July 4 deadline. According to reports, the bill was narrowly passed by a vote of 218–214. Two Republican lawmakers joined all Democrats in opposing it. The bill now moves to President Trump for his signature.

What Happens Next?

Now that the bill has been passed by Congress, it will be sent to the President, who will officially sign it into law. The White House has announced that President Trump will sign the bill during a ceremony scheduled for July 4 at 5 PM (EDT). White House Press Secretary Carolyn Leavitt reacted to the bill’s passage on social media by posting the word “Victory” alongside the American flag.

What Did the House Speaker Say?

President Trump exerted pressure on some hesitant lawmakers, urging them to drop their opposition and support the bill so it could become law. Meanwhile, Democratic leader Hakeem Jeffries from New York delivered a lengthy speech against the bill, staying in the chamber for over eight hours, which caused delays in the voting process.

House Speaker Mike Johnson, a Republican from Louisiana, stated:

“We have a big job ahead of us. With this outstanding bill, we are going to make this nation stronger, safer, and more prosperous than ever before.”

What’s in the Bill?

The bill contains several notable provisions:

It allows employers to reduce tips and overtime pay for workers.

It grants a $6,000 tax deduction for elderly adults earning less than $75,000 annually.

It includes nearly $350 billion in heavy investments toward national security and Trump’s deportation agenda, including the development of America’s Golden Dome Defense System.

To compensate for reduced tax revenue, the package also proposes:

A cut of $1.2 trillion in Medicaid health services and food assistance programs.

New work requirements for certain parents and elderly citizens.

Major reductions in green energy tax credits.

According to the non-partisan Congressional Budget Office, this package will increase the federal deficit by $3.3 trillion over the next decade.