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The (OBBBA) Act is a budget settlement law passed by the U.S. Congress, numbered 119, and signed into law by President Donald Trump on July 4, 2025. This comprehensive legislation aims to implement key policies from Trump's agenda in his second term, focusing on tax and spending reforms.
*Key Provisions:*
- *Tax Policies*: The bill prevents large tax increases on individuals and businesses that would have occurred when the Tax Cuts and Jobs Act of 2017 expired.
- *Spending Reforms*: It includes provisions related to border security, defense, and energy issues.
- *Budget Impact*: The Congressional Budget Office estimated the financial effects of the bill, which are likely to have significant impacts on the U.S. economy¹².
*Legislative History:*
- *House Approval*: The House passed the bill on May 22, 2025, with a narrow majority of 215 votes to 214 votes with one vote.
- *Senate Approval*: The Senate approved the bill on July 1, 2025, with Vice President JD Vance casting the deciding vote, 51-50.
- *Final Approval*: The House approved the Senate amendment on July 3, 2025, with a majority of 218 votes to 214 votes.
- *Impact and Acceptance:*
- *Economic Implications*: The bill is expected to shape the U.S. economy, affecting tax bills, healthcare, and the economy as a whole.
- *Critiques and Praise*: Opinions on the bill vary, with some viewing it as a radical shift in federal policy, while others criticize its potential impact on certain sectors ⁴.
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