Trump’s Big Beautiful Bill to Be Signed on July 4, Elon Musk and Biden Raise Alarms

Key Points

1. The bill passed the House by a narrow margin of 218–214 on July 3, with Vice President J.D. Vance's tie-breaking vote in the Senate aiding its progression.

2. The legislation includes significant tax cuts and spending reforms, but has faced criticism for potentially favoring the wealthy and increasing the national deficit.

3. Economic analysts, including the Committee for a Responsible Federal Budget, warn the bill could add $5.5 trillion to the national debt, potentially raising the U.S. debt to 127% of GDP by 2034.

4. House Republicans managed to secure passage by persuading holdout Ralph Norman to change his vote, overcoming internal GOP resistance.

5. Critics, including Moody's, have labeled the bill 'reckless and cruel,' while President Biden has emphasized its favoritism toward the wealthy.