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According to CCTV News, U.S. President Trump signed the "Big and Beautiful" tax and spending bill into law on July 4 local time (early July 5 Beijing time). The U.S. House of Representatives passed the "Big and Beautiful" bill, pushed by President Trump, with a vote of 218 in favor and 214 against on the afternoon of July 3. The bill has been controversial due to federal aid cuts, increased long-term debt, and tax cuts for the wealthy and large corporations. The Senate passed the bill on July 1.

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