President Donald Trump signed the 887-page One Big Beautiful Bill Act into law on July 4, 2025, completing a tax-and-spending package that had cleared the Senate 51-50 on July 1 and the House 217-214 on July 3. The statute makes permanent the individual and corporate rate cuts enacted in 2017, lifts the child-tax credit to $2,200, permits new deductions for tips, overtime pay, and interest on U.S.–built auto loans, and raises the cap on state-and-local-tax (SALT) deductions to $40,000 for five years. It also authorizes $150 billion for immigration enforcement, $157 billion for defense programs, and phases out several clean-energy tax credits beginning in 2025. The Congressional Budget Office projects a ten-year deficit increase of about $3.3 trillion even after the spending offsets, while the statutory debt ceiling rises by $5 trillion.