President Donald Trump signed into law a far-reaching tax and spending bill in a celebratory ceremony at the White House on Friday, a big legislative win in his second term. The ceremony, on the South Lawn as part of Independence Day festivities, included military flyovers and was attended by supporters, lawmakers, and military families.
The Republican-majority House of Representatives approved the bill on Thursday by the bare margin of 218-214 after a heated debate. The bill permanentizes Trump’s 2017 tax cuts, contains significant spending reductions, and provides the biggest border security investment in US history. It also provides for his administration’s immigration enforcement efforts and will likely cause millions to lose government-subsidized health insurance.
This is the largest tax cut, the largest spending cut, and the toughest border security bill that’s ever been passed,” Trump said, commending House Speaker Mike Johnson and Senate Majority Leader John Thune for guiding the bill through Congress.
Although vetoed by all 212 Democrats and two Republican lawmakers, the bill still passed, although opponents have warned it may exacerbate income inequality and add more than $3 trillion to national debt, independent budget analysts say.
House Democratic Leader Hakeem Jeffries denounced the bill in an eight-hour-long speech, dubbing it a bonanza for the rich on the backs of low-income Americans dependent on food assistance and health care.
While the passing of the bill has been hailed by Republicans as the spur for economic growth, it has also remained intensely controversial, with fears continuing that it will harm federal programs and the national debt in the long term.