The package’s $4.5 trillion in tax cuts were partly offset by spending reductions, including cutting off incentives for renewable power and electric vehicles.

President Trump celebrated a big victory for his second term on Friday, signing his budget plan formally called the “Big, Beautiful Bill” at the White House.

Against odds that at times seemed improbable, the president achieved his goal of celebrating a historic — and divisive — legislative victory in time for the nation's birthday, which also was his self-imposed deadline for Congress to send the legislation to his desk.