President Trump on Friday signed his signature tax and spending legislation, the "big beautiful bill," into law, meeting a July 4 deadline that at times appeared out of reach. Why it matters: It's a huge achievement for Trump and congressional Republicans that will reshape federal fiscal policy for years to come.

The GOP measure includes tax cuts and spending reductions, as well as immigration enforcement funding.

President Trump and GOP leaders have imposed a deadline to get the bill signed on the Fourth of July. However, even the commander in chief — who has worked hard to whip his narrow majority