President Trump signed his sweeping package of tax cuts and spending cuts at a White House Fourth of July celebration. He called it a “big beautiful bill” as he banged a gavel gifted by House Speaker Mike Johnson. The new law extends Trump’s 2017 tax cuts while cutting Medicaid and food stamps by $1.2 trillion. Democrats assailed the package as “a giveaway to the rich that will rob millions more lower-income people of their health insurance, food assistance and financial stability.”