(MENAFN) U.S. President Donald Trump signed a massive tax and spending bill into law on Friday during a dramatic Independence Day event at the White House, which featured a flyover by a B-2 stealth bomber—the same aircraft used in recent U.S. strikes on Iran. The bill, which Trump called the “Big Beautiful Bill,” was passed narrowly by the House just one day earlier.

The signing ceremony took place at a holiday picnic for military families, where Trump lauded the Air Force’s recent operations and pivoted to highlight the bill's economic significance. He declared that, ahead of America’s 250th anniversary next year, the U.S. is building “an economy that delivers for the middle class,” along with a powerful military and secure borders. Trump predicted the legislation would unleash "MASSIVE economic growth" and described the country’s economic future as a "Rocketship."

Spanning nearly 900 pages, the legislation extends the tax cuts from Trump’s 2017 term and introduces temporary tax reductions on tips and overtime pay. It also earmarks hundreds of billions for Trump’s immigration and border security plans, including expanded funding for the southern border wall and migrant deportation efforts.

To balance some of the costs, the bill includes deep cuts to social programs such as Medicaid, food aid (SNAP), and clean-energy subsidies. The Congressional Budget Office (CBO) projects that by 2034, approximately 12 million Americans will lose Medicaid coverage and 3 million will be dropped from SNAP eligibility.

Financially, the CBO warns the bill will increase the national debt by $3.3 trillion over the next decade—due to $4.5 trillion in lost revenue and just $1.2 trillion in spending reductions. It also raises the debt ceiling by $5 trillion, enabling more federal borrowing.

The bill passed after a tense stretch of intra-party negotiations. A procedural vote initially failed on Wednesday, prompting Trump to personally call Republican lawmakers into early Thursday to rally support. In the end, only two Republicans—Thomas Massie of Kentucky and Brian Fitzpatrick of Pennsylvania—voted against it.

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