July 4 (UPI) -- President Donald Trump signed into law House Resolution 1, which he called "One Big, Beautiful Bill," while hosting a military family picnic event at the White House on Friday evening.
The bill signing included a flyover of a pair of F-35 fighters escorting a B-2 Spirit bomber, which is the same type that dropped 30,000-pound bunker-buster bombs on Iranian nuclear facilities June 21.
Some 150 airmen and airwomen from Whiteman Air Force Base in Missouri were among the military members and their families who attended the picnic and bill signing.
"The American people gave us a historic mandate in November," Trump said of his election victory over former Vice President Kamala Harris.
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A triumph of democracy
Trump called the bill's passage a "triumph of democracy on the birthday of democracy," and said it is "the most popular bill ever signed in the history of our country."
It includes the single largest tax cut, the largest spending cut and the largest border security investment in U.S. history, the president said.
He said the measure modernizes the military, funds the creation of a" golden dome" national air defense system and drives economic growth.
"This bill will fuel massive economic growth and lift up the hardworking citizens who make this country run -- the factory workers, farmers, mechanics, waiters, waitresses, police officers, firefighters, coal miners [and] truck drivers," Trump said.
The bill makes tax cuts permanent, including no tax on tips, overtime and Social Security, the president said.
It also makes the child tax credit permanent, creates a tax deduction on the interest paid on the purchase of new U.S.-made vehicles and eliminates the estate tax on family farms and small businesses.
The 'Golden Age' of America
Trump said the bill cuts taxes on new businesses and existing ones that build and expand their operations.
"We have hundreds of factories, including car plants and [artificial intelligence], coming into our country at levels we have never seen," he told the audience.
"Not only will we have the strongest economy on Earth, we also will have the strongest borders," Trump said, adding that there were no recorded illegal border crossings into the United States in June.
"We are creating an economy that delivers wealth for the middle class, a border that is sovereign and secure, and a military that is unmatched[and] unequaled anywhere in the world," Trump said.
"The Golden Age of America is upon us," the president said. "It's going to be a period of time, the likes of which ... the country has never experienced before."
Lawmakers were thanked ahead of signing
Trump thanked House Speaker Mike Johnson, R-La., Senate Majority Leader John Thune, R-S.D., and other Republican lawmakers who were among those in attendance for delivering the bill for signing on Independence Day.
The controversial measure provides funding for the federal government for fiscal year 2026, which begins Oct. 1, but adds an estimated $3.4 trillion to the national debt over the next 10 years.
Trump said it reduces spending by $1.7 trillion while also delivering the "largest tax cut" in the nation's history.
Trump delivered the 22-minute speech from the south portico of the White House and signed the bill into law from a small desk placed outside, while surrounded by supporters at 5:45 p.m. EDT
Johnson then presented the gavel used when the House passed the bill Thursday.
Trump accepted the gavel and banged it several times on the small desk to conclude the signing and end the bill's legislative journey on Capitol Hill.
