On July 4, President Trump signed the Republican’s budget reconciliation into law following the legislation’s passage in the House and Senate.

The new budget law, formally called the “One Big Beautiful Bill Act,” fulfills many of the president’s campaign promises, including an extension of the 2017 tax cuts and increased spending on defense and immigration enforcement. These spending increases are partially offset by cuts to Medicaid, food assistance programs, and clean energy tax credits, among other provisions.