By Martin Shwenk Leade
APPresident Donald Trump speaks at a rally at the Iowa State Fairgrounds, Thursday, July 3, 2025, in Des Moines, Iowa. (AP Photo/Alex Brandon)
US President Donald Trump will mark 4 July with pen in hand. After days of tense backroom talks and razor-thin votes, his so-called 鈥極ne Big Beautiful Bill鈥 has passed Congress and now sits ready for signature.Republicans pushed it through the House with a final vote of 218鈥214. The Hill confirmed two Republicans, Thomas Massie and Brian Fitzpatrick, opposed it. Trump sounded triumphant: 鈥淭he Republicans in the House of Representatives have just passed the 鈥極NE BIG BEAUTIFUL BILL ACT.鈥 Our Party is UNITED like never before, and our Country is 鈥楬OT.鈥欌滷rom Truth Social, Trump invited lawmakers to the White House. 鈥淲e are going to have a Signing Celebration at the White House tomorrow, at 4 P.M. EST. All Congressmen/women and Senators are invited. Together, we will celebrate our Nation鈥檚 Independence and the beginning of our new Golden Age. The people of the United States of America will be Richer, Safer, and Prouder than ever before,鈥 he declared.Vice-President JD Vance had to break a 50鈥50 tie in the Senate to keep it alive. CNN quoted White House press secretary Karoline Leavitt saying, 鈥淭he one 鈥榖ig, beautiful bill鈥 has passed the House of Representatives and will be at the president鈥檚 desk for signature at a big, beautiful signing ceremony tomorrow at 5 p.m. on the Fourth of July, just as the president always said and hoped it would be.鈥漌hat鈥檚 inside the Bill’s 869 pages?The bill locks in tax cuts first brought in under Trump鈥檚 first term. Income tax breaks stay. Tips and overtime pay get deductions, but only until 2028. The plan lets companies claim research costs straight away. The SALT deduction limit jumps from $10,000 to $40,000, but only for five years.Live EventsIt doesn鈥檛 stop there. The debt ceiling climbs by $5 trillion, giving more borrowing space. For some Republicans, that was a bitter concession.Stronger borders, bigger defenceBorder security sees $46.5 billion for new wall stretches and related works. Another $45 billion funds extra migrant detention beds 鈥 space for 100,000 people 鈥 and 10,000 new Immigration and Customs Enforcement officers.Beyond the border, the Pentagon gets a boost. Trump鈥檚 鈥楪olden Dome鈥 missile shield secures $25 billion. Space plans get $10 billion for a Mars mission and $325 million to retire the International Space Station.Winners and losers in social spendingDemocrats called the bill an attack on the poorest Americans. Medicaid faces fresh restrictions. Able-bodied adults under 65 without young kids must work 80 hours monthly to qualify. SNAP food benefits also come with tighter rules. States with high error rates must pay more from 2028.House Democratic leader Hakeem Jeffries said, 鈥淎ll Democrats will vote 鈥榥o,鈥 and they only need to flip four Republicans to prevent the bill from passing.鈥 He questioned vulnerable Republicans: 鈥淲hy would Rob Bresnahan vote for this bill? Why would Scott Perry vote for this bill?鈥滼effries warned, 鈥淩epublicans are literally ripping the food out of the mouths of children, veterans and seniors.鈥 According to the Congressional Budget Office, up to 12 million people could lose cover within a decade. The White House dismisses this forecast.Energy credits rolled back, EV incentives slashedThe bill ends tax credits for new wind and solar if projects don鈥檛 start in time. It cuts the $7,500 tax credit for electric vehicles after September 2025. Tesla CEO Elon Musk, once a Trump ally, has criticised this move.There鈥檚 a new tax break for metallurgical coal, mostly used in steelmaking 鈥 a nod to industrial states.Newborn accounts and university taxesTucked into the 869-page text are unusual extras. Every American newborn will get a savings pot called a 鈥楾rump Account鈥 鈥 seeded with $1,000.Meanwhile, rich universities face a new tax on their vast endowments. The extra money will partly offset tax cuts elsewhere.Debt ceiling and Social Security tweakThe bill bumps up the national debt limit to cover these big promises. It also tweaks Social Security taxes for older Americans 鈥 raising standard deductions temporarily but falling short of Trump鈥檚 earlier pledge to scrap them altogether.Resistance, reversals and final pushIt took hours of back-and-forth to line up the votes. Five Republicans first said no 鈥 four changed their minds. Speaker Mike Johnson helped steer the switch.Trump thanked loyalists. 鈥淭hank you to Speaker of the House Mike Johnson, Senate Majority Leader John Thune, and all of the wonderful Republican Members of Congress who helped us deliver on our Promises, and so much more. Together, we can do things that were not even imagined possible less than one year ago. We will keep working, and winning 鈥 CONGRATULATIONS AMERICA!鈥 he wrote.The signing is set for the evening of 4 July. White House press secretary Karoline Leavitt summed up the mood in one word: 鈥淰ICTORY!鈥漈rump wants fireworks. His opponents see warning lights. The full impact will unfold long after the ink dries.(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onDonald TrumpTrump’s One Big Beautiful BillJuly 4th signing celebrationWhite House signing ceremonyUS Congress passes billRepublicans House voteSocial spending changesborder security fundingtax cuts
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onDonald TrumpTrump’s One Big Beautiful BillJuly 4th signing celebrationWhite House signing ceremonyUS Congress passes billRepublicans House voteSocial spending changesborder security fundingtax cuts(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless