President Donald Trump signed the spending bill that introduces tax cuts and raises the debt ceiling.

"It's the biggest bill ever signed of its kind," he said before signing the bill in a ceremony outside the White House. "That’s the largest tax cut in the history of our country."

Dubbed by Trump as "one big, beautiful bill," stipulates a substantial cut in taxes and government spending in some areas. But it earmarks more money on defense, for example the Golden Dome air defense system, and border control.

Previously, Congress passes Trump's "one big, beautiful bill" on government spending, taxes, debt ceiling

The House of Representatives of the US Congress, like the Senate, has approved a bill on government spending, developed by the administration of President Donald Trump, providing for tax cuts and an increase in the national debt ceiling as broadcast by C-SPAN TV channel.

The bill was supported by 218 congressmen, 214 opposed it. The document, which Trump calls "one big, beautiful bill," cuts taxes and government spending in several areas significantly. It boosts defense spending, including on the creation of the Golden Dome missile defense system. It also includes measures to tighten border control, and increases spending for this.

American entrepreneur Elon Musk, who used to be the coordinator of the Department for improving the efficiency of the American government (DOGE), has repeatedly criticized the bill, in part because it raises the national debt ceiling by $5 trillion from the current over $36 trillion. The businessman offered help in next year’s midterm congressional elections to the opponents of the Republican lawmakers who support the document.

In early June, the Congressional Budget Office said implementation of the bill could widen the US budget gap by $2.4 trillion over the next decade. According to its calculations, budget revenues will decrease by $3.6 trillion, while spending is to decrease by $1.2 trillion over 10 years.

The Senate approved the bill on July 1. President Trump to sign it on July 4.

***