President Donald Trump has officially signed a sweeping tax and spending bill into law that promises substantial tax cuts and increased defense spending, while facing criticism for its impact on the national debt and vulnerable populations.
Trump Signs Landmark Tax and Spending Bill Ahead of Independence Day
Trump Signs Landmark Tax and Spending Bill Ahead of Independence Day
Landmark bill includes significant tax cuts and spending increases, despite bipartisan opposition.
In an event timed to coincide with Fourth of July festivities, President Trump celebrated the enactment of a major legislation package. This 870-page bill, passed after the House narrowly voted in favor with a margin of 218 to 214, includes key provisions such as an extension of the 2017 tax cuts from Trump's first term, significant cuts to Medicaid, new tax breaks on tipped income, an increase of $150 billion for defense spending, and $100 billion allocated to Immigration and Customs Enforcement (ICE). The president conveyed optimism at a rally in Iowa, stating that the legislation would spur economic growth and outlining it as a gift to the nation on its birthday.
Despite the celebratory tone, the bill has faced fierce scrutiny. Many Republicans expressed concerns over its implications for rising national debt, while Democrats characterized it as a measure favoring the affluent at the expense of low-income individuals. Poll reports indicated that public support for the bill was tepid, with only 29% of Americans in favor prior to its passage, contrasting sharply with support ratios among Republican ranks.
The Congressional Budget Office (CBO) projects that the tax cuts may result in an initial surplus; however, experts warn that the long-term effects could significantly inflate the budget deficit. The potential fallout includes nearly 12 million people losing Medicaid coverage over the next decade due to stringent eligibility requirements.
As fireworks illuminate the sky for Independence Day celebrations, Americans brace for the changes brought by the new bill, particularly those dependent on the SNAP program, which could face cuts affecting their food security.
Despite the celebratory tone, the bill has faced fierce scrutiny. Many Republicans expressed concerns over its implications for rising national debt, while Democrats characterized it as a measure favoring the affluent at the expense of low-income individuals. Poll reports indicated that public support for the bill was tepid, with only 29% of Americans in favor prior to its passage, contrasting sharply with support ratios among Republican ranks.
The Congressional Budget Office (CBO) projects that the tax cuts may result in an initial surplus; however, experts warn that the long-term effects could significantly inflate the budget deficit. The potential fallout includes nearly 12 million people losing Medicaid coverage over the next decade due to stringent eligibility requirements.
As fireworks illuminate the sky for Independence Day celebrations, Americans brace for the changes brought by the new bill, particularly those dependent on the SNAP program, which could face cuts affecting their food security.
