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On July 4, 2025, President Trump signed the sweeping #OneBigBeautifulBill into law, a 900‑page reconciliation package that includes permanent individual tax cuts, expanded deductions for tipped and overtime wages, a significantly raised SALT cap, and a $5 trillion increase in the debt ceiling. It also allocates approximately $150 billion each to defense and border enforcement, and permanently extends Trump-era business tax provisions. However, the bill slashes social safety nets: Medicaid funding is cut, SNAP work rules tightened, and an estimated 10–14 million Americans could lose health coverage by 2034. The CBO projects a budget deficit increase of $2.8–3.3 trillion over the next decade. While Trump and GOP officials tout middle‑class tax relief and economic growth, critics—including some Republicans and Democrats—warn the legislation disproportionately benefits wealthier Americans and may provoke political backlash.