The bill now heads to Trump's desk for a signature. The "Big Beautiful Bill" could increase the national debt by more than expected, according to a new report from the Cato Institute, a libertarian think tank. Newsweek reached out to the White House for comment via email.

In a sweeping new fiscal package, lawmakers have unveiled a major overhaul of tax policy, federal spending, and entitlement programs. Here’s a breakdown of what’s in the plan.

President Donald Trump's tax-cut and spending bill, which passed Congress on Thursday, averts the near-term prospect of a U.S. government default but makes America’s long-term debt problems even worse.