What’s in Trump’s big bill that passed Congress and will soon become law

illuminem summarises for you the essential news of the day. Read the full piece on The Associated Press or enjoy below:

🗞️ Driving the news: President Donald Trump’s sweeping tax and spending cut bill, now passed by Congress, contains over $4.5 trillion in tax cuts, new defense funding, and provisions for immigration enforcement
• Key elements include permanent tax cuts, an expansion of military spending, and cuts to social welfare programs, along with controversial carve-outs for specific Republican priorities

🔭 The context: The bill, which passed with minimal support from Democrats, combines fiscal conservatism with populist measures and boosts defense spending and border security, all while cutting funding for social programs
• Critics argue that it will worsen national debt and exacerbate income inequality, with projections showing an increase in the federal deficit of nearly $3.3 trillion over the next decade

🌍 Why it matters for the planet: The bill significantly impacts environmental and clean energy initiatives by rolling back tax incentives for renewable energy, a setback for U.S. climate goals
• The expiration of electric vehicle tax credits and reductions in green energy subsidies could slow the country's transition to a low-carbon economy, despite global efforts to address climate change

⏭️ What's next: As the bill heads to President Trump’s desk for signing, its provisions will take effect over the next several years, including tax cuts for businesses and higher-income households, as well as increases in defense and deportation funding
• The long-term fiscal implications, including the bill’s impact on the national deficit and social safety nets, will unfold over the coming decade

💬 One quote: “The bill would increase federal deficits over the next 10 years by nearly $3.3 trillion from 2025 to 2034.” — Congressional Budget Office

📈 One stat: The bill is projected to increase the U.S. federal deficit by $3.3 trillion over the next decade

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