Different provisions of the GOP tax and spending bill will kick in over the next year or so. Many are set to expire just before Trump's term ends.

The legislation extends Trump's 2017 multi-trillion dollar tax cuts and cuts Medicaid and food stamps by $1.2 trillion.

Congress has signed off on a $3.4 trillion legislative package featuring new tax breaks, spending cuts, and more funding for defense and immigration enforcement, delivering President Donald Trump his “big, beautiful bill” despite rumblings from fiscal hawks about the projected $4 trillion it could add to the national debt over the next decade.