Sat Jul 05 05:00:58 UTC 2025: Here’s a summarized news article based on the provided text:

**Trump Signs Divisive Tax and Spending Bill Amid Grand July 4th Celebration**

**Washington D.C. -** President Donald Trump signed his controversial tax and spending bill into law on July 4th, capping off a day of grandiose celebrations at the White House. The event included a flyover by B-2 stealth bombers, the same type recently used in U.S. airstrikes against Iranian nuclear sites, as well as F-35 and F-22 fighter jets.

The bill, a key campaign promise of Trump’s, extends tax cuts from his first term, increases military spending, and provides funding for migrant deportation efforts. While Trump hailed the signing as a major victory, critics warn the legislation will drastically increase the national debt by an estimated $3.4 trillion over the next decade.

The bill is deeply unpopular with Democrats, who argue it will gut social welfare programs, particularly Medicaid and food assistance. Estimates suggest millions could lose health insurance coverage, and rural hospitals are expected to close. Trump dismissed these concerns, claiming critics are exaggerating the potential consequences.

The bill’s passage through the House was narrow, requiring intense lobbying by Republican Speaker Mike Johnson. Even within the Republican Party, there are deep reservations, with former Trump ally Elon Musk vowing to create a new political party to oppose Republicans who backed the bill.

The signing comes on the heels of other perceived victories for Trump, including the Iran-Israel ceasefire secured after U.S. airstrikes on Iran. Democrats hope public opposition to the bill will fuel their chances in the 2026 midterm elections, arguing it represents a significant transfer of wealth from the poor to the rich.

**From an Indian Perspective (based on The Hindu’s “View From India”):** This legislation will likely be viewed with concern in India, particularly the potential cuts to social programs, and increase to defense spending. India would be keeping an eye on potential economic impacts of the bill due to the possible increase in national debt.

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