The sweeping bill that will cut taxes and impact funding to social programs was passed in the House by a vote of 218-214 on Thursday, July 3.

President Trump on Friday signed his signature tax and spending legislation, the "big beautiful bill," into law, meeting a July 4 deadline that at times appeared out of reach. Why it matters: It's a huge achievement for Trump and congressional Republicans that will reshape federal fiscal policy for years to come.

The GOP measure includes tax cuts and spending reductions, as well as immigration enforcement funding.