New law reduces the number of federal student loan repayment options and caps how much individuals can borrow for higher education.

The sweeping and controversial One Big Beautiful Bill Act (OBBBA) fulfills many of Donald J. Trump's 2024 campaign promises: it makes his first-term tax cuts permanent, includes a handful of family-friendly tax breaks, and introduces relief for tipped and overtime pay. 1 2

House Budget Committee Chairman Rep. Jodey Arrington believes the Big Beautiful Bill is the beginning, not the end of fiscal reforms to support the growth of the U.S. economy.

Legislation does not eliminate the tax on Social Security benefits, but it does provide a tax deduction that can cover taxes on those benefits.

Wyoming’s top politicians have heaped praise on President Donald Trump’s “Big Beautiful Bill” for giving the state’s flagging fossil fuel industries a boost. They’ve also taken swipes at past congress

Analysis by clean energy think tank Energy Innovation found that the bill threatened thousands of clean energy projects, likely resulting in the loss of 760,000 jobs in the sector by 2030. By reducing access to cheaper renewable energy, the OBBBA will also sharply increase household energy bills, the analysts found.

The new law has sparked debate about its effects on the national debt and the balance between fiscal responsibility and social safety nets.

U.S. President Trump's "One, Big Beautiful Bill Act," H.R. 1 includes $1 billion for the U.S. Space Force (USSF) X-37B military spacecraft program.