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Congress Passes $5 Trillion Bill: Tax, Immigration, Defense Changes

7/8/2025

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Summary

Story summary

Congress has passed a sweeping bill that reshapes tax laws, tightens immigration controls, and increases defense funding, all while slashing Medicaid spending. The legislation raises the federal debt limit by a staggering $5 trillion, with experts predicting a $4.475 trillion revenue loss and a $3.4 trillion surge in annual deficits by 2034.

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Story summary

Congress has passed a sweeping bill that reshapes tax laws, tightens immigration controls, and increases defense funding, all while slashing Medicaid spending. The legislation raises the federal debt limit by a staggering $5 trillion, with experts predicting a $4.475 trillion revenue loss and a $3.4 trillion surge in annual deficits by 2034.