WASHINGTON, DC — On July 4, President Donald Trump officially signed the One Big Beautiful Bill Act into law. It makes the 2017 tax cuts (enacted in Trump’s first term) permanent, preventing what would have been a significant increase in 2025. Yet despite those significant cuts, CBO also estimates the One Big Beautiful Bill Act will add $2.8 trillion to the federal deficit by 2034. “The Big Beautiful Bill is indeed a win for PHCC,” Valentini said. “President Trump and Congressional Republicans were elected on the promise of cutting costs and creating opportunities for working class families.