The “Big Beautiful Bill," as Trump has called it, includes a $1 trillion reduction in spending over the next decade for Medicaid, the government insurance program for low-income Americans. Trump signed the bill on July 4.

Congress has signed off on a $3.4 trillion legislative package featuring new tax breaks, spending cuts, and more funding for defense and immigration enforcement, delivering President Donald Trump his “big, beautiful bill” despite rumblings from fiscal hawks about the projected $4 trillion it could add to the national debt over the next decade.