July 5, 2025
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Economy

Trump signed a "great beautiful bill" on taxes and spending

Trump signed a “great beautiful bill” on taxes and spendingUS President Donald Trump signed a bill that raises the national debt limit by $5 trillion, cuts social programs, and increases
military funding. The document also provides for tax breaks and funding for combating illegal migration.

”, — write: unn.ua

US President Donald Trump signed a bill he called “a big beautiful bill.” The document provides for raising the US national debt limit by $5 trillion, cutting several social programs, and increasing army funding. This is reported by UNN with reference to Bloomberg.

DetailsThe head of the White House signed the law during a ceremony at the White House on the occasion of US Independence Day on July 4.

The $3.4 trillion budget bill provides for the extension of tax breaks, temporary new tax relief for employees receiving “tips,” and funding for measures to combat illegal migration.

Bloomberg is convinced that this law was a major political victory for the president, whose second term has so far been characterized mainly by executive, rather than legislative, initiatives.

These are truly promises, promises that have been kept

He also called the bill “the biggest victory to date.”

It is noted that the law strengthens Trump’s influence on the Republican Party, whose leaders on Capitol Hill ensured the passage of the bill through the House of Representatives and the Senate this week.

To meet his July 4 deadline, Trump personally made phone calls and invited some lawmakers to the White House, pressuring key wavering members of Congress.

Republican leaders in Congress overcame minimal vote advantages, unified Democratic opposition, and objections from fiscal conservatives and moderates to pass the bill by the president’s deadline, which coincided with Independence Day celebrations.

However, this legislative success is associated with political risks for both the president and the Republican Party, the consequences of which may be felt for many years to come

The budget package provides for significant funding cuts and new administrative restrictions for food and healthcare assistance programs, which provide social support for working and unemployed Americans.

According to estimates by the independent Congressional Budget Office, these changes will result in approximately 11.8 million Americans losing Medicaid health insurance. Some experts warn that cuts in payments to hospitals could lead to the closure of medical facilities in rural areas.

In addition, these cuts have led to a decline in public support for Trump’s plan – according to recent polls, it is unpopular among the population.

Some Republican senators warn that the party may face an electoral backlash in the elections. Democrats have already promised to use this bill as an argument against Republicans in the election campaign before the upcoming midterm elections.

Trump and his supporters called the bill a boost to economic recovery, ignoring unbiased forecasts that the package would lead to an increase in national debt.

“Our country will take off economically like a rocket,” Trump said, dismissing the results of opinion polls that show the law’s unpopularity.

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