Congress Approves Trump's $4.5 Trillion Tax and Spending Bill

Legislation Passed by Narrow Margin

On Thursday, the United States Congress approved a substantial $4.5 trillion tax cut and spending reduction package proposed by President Donald Trump, officially known as the 'One, Big, Beautiful Bill.'

The House of Representatives, controlled by Republicans, narrowly passed the bill with a vote of 218 to 214, sending it to Trump for his signature after it had already cleared the Senate earlier in the week.

Key Features of the Bill

This legislation includes approximately $4.5 trillion in tax reductions that Trump had initiated during his first term, along with additional tax incentives. However, these tax cuts will be counterbalanced by reductions in social safety net programs, including Medicaid and food assistance.

Moreover, the bill allocates around $350 billion for national security and includes measures for the deportation of undocumented immigrants.

Financial Implications

According to reports, the legislation is projected to increase the United States' deficits by $3.4 trillion over the next decade.

To finance the boosts in military and border security expenditures, the bill eliminates federal subsidies for clean energy initiatives and electric vehicles, a decision that reportedly contributed to tensions between Trump and billionaire Elon Musk, a previous ally.

Trump's Reaction

Following the bill's passage, Trump expressed on social media that the upcoming July 4 celebrations would not only mark Independence Day but also usher in a 'new golden age' for the nation.

He proclaimed, 'The people of the United States of America will be richer, safer, and prouder than ever before.' In another post, he referred to the 'One, Big, Beautiful Bill' as one of the most significant pieces of legislation ever passed.

Democratic Opposition

In contrast, Democrats criticized the bill, labeling it as 'trickle-down cruelty' that primarily benefits the wealthy while putting lower-income Americans at greater risk.

Democratic leader Hakeem Jeffries remarked, 'I never thought I would be on the House floor declaring this a crime scene,' emphasizing the negative impact on the health and safety of the American populace.