US President Trump has signed the 'Big and Beautiful' tax and spending bill into law on local time July 4 (early morning of July 5 Beijing Time). The US House of Representatives passed the 'Big and Beautiful' bill promoted by President Trump with a vote of 218 in favor and 214 against on the afternoon of July 3. The bill has been highly controversial for causing cuts in federal aid, increasing long-term debt, and providing tax cuts for the wealthy and large enterprises. It was earlier passed by the Senate on July 1.