US President Donald Trump’s favourite bill has been passed. The same bill due to which he had a bad argument with Elon Musk. The name of this bill is ‘One Big Beautiful Bill’. It was passed late Thursday night. This ambitious bill of Trump has got the final approval from the country’s Parliament. ‘One Big Beautiful Bill’ has been passed by the House of Representatives with a margin of 218-214. 218 MPs supported the bill. Whereas 214 MP s voted against this bill.
As soon as the House gave final approval to this tax bill, the bill was sent to President Donald Trump for signature. The passing of this bill is being considered a major achievement of Trump’s second term.President Donald Trump on Thursday hailed Congress’ passage of his major tax and spending bill, saying it would boost the US economy like a “rocket ship.” “This will turn this country into a rocket ship,” Trump told reporters as he headed to a rally in Iowa to kick off celebrations for America’s 250th birthday. He called it “the greatest bill of its kind ever signed.”
After being passed by the Senate and the House of Representatives, this bill has now been sent to the President for signature. During the voting on the bill, two Republican MPs deviated from the party line and voted in favor of the Democrats.Passage of the bill legalized many of Trump’s key policies, including mass deportation, increased spending on the military and border security, and extension of his first-term tax breaks. Speaking to reporters after the bill was passed, White House Press Secretary Caroline Levitt said that President Donald Trump is planning to sign his massive tax rebate and expenditure cut bill at 5 pm on Friday (July 4).
During the discussion in the US Parliament, this huge bill of more than 800 pages was discussed in detail. New York Democrat leader Hakeem Jeffries gave a speech for more than eight hours in opposition to the bill. Trump had to work very hard to get this bill passed. The bill required GOP leaders to work overnight and Trump even personally pressured holdouts to secure enough votes.President Trump has brought together his policy agenda and campaign promises in ‘One Big Beautiful Bill’ (OBBB). However, it is expected to further increase the federal deficit and add to the already growing US debt.
There are also many concerns about the adverse fiscal (related to government budget) effects of OBBB and its macroeconomic effects. The implementation of this bill will lead to tax cuts on one hand and increase in expenditure on the other. This may worsen the financial condition of the US government.