President Donald Trump will be celebrating the Fourth of July by signing his massive spending bill that narrowly passed in Congress this week.

Against odds that at times seemed improbable, Trump achieved his goal of celebrating a historic — and divisive — legislative victory in time for the nation’s birthday.

The CBO says it would add $3.4 trillion to the deficit over the next decade. For decades, fiscal hawks have warned about the devastating consequences of ballooning U.S. debt. But economists say this time around is different: The debt is now so large that piling more on top of it as part of President Donald Trump's massive tax cut and spending bill could set the country on a dangerous path.

The Congressional Budget Office (CBO), for instance, found that it would add $3.4 trillion to the debt by the end of 2034. The national debt currently stands at more than $36 trillion. The Cato report,

President Donald Trump’s tax-cut package cleared its final hurdle in the U.S. Congress on Thursday, as the Republican-controlled House of Representatives narrowly approved the massive bill and sent it to him to sign into law.

Veteran Democratic strategist James Carville predicted Democrats would pick up 40 seats in the 2026 midterms after the GOP-led House of Representatives passed President Donald Trump 's "One Big Beautiful Bill" this week. Newsweek reached out to the NRCC for comment via email.

Conservative political commentator Bill O’Reilly predicted the GOP tax and spending bill will improve the economy, thereby boosting Republicans’ chances in the midterm elections. In an interview on NewsNation’s “Cuomo,