President Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Washington

President Trump has marked the passage of a comprehensive tax and spending bill, which introduces cuts to food assistance and student loan programs, ends clean energy credits from the previous administration, and reduces funding for the National Park Service. The bill also fulfills a campaign promise by eliminating taxes on overtime and tips during Trump's term, and increases funding for immigration enforcement, the border wall, and air traffic control.

While the bill has been celebrated by the president and some Republicans, there are concerns within the party about the political impact of broad cuts, particularly to Medicaid and food benefits. Democrats, led by Representative Hakeem Jeffries, have strongly opposed the legislation, framing it as favoring the wealthy and highlighting emerging class politics as a central issue in the ongoing debate.

Breaking down Trump's spending bill: What's in, what's out

President Trump's big tax and spending bill. Yesterday, he celebrated its passage in Iowa. There could be no better birthday present for America than the phenomenal victory we achieved just hours ago when Congress passed the one big, beautiful bill to make America great again. Of course, not everyone is happy. It is expected to add trillions to the deficit. Also in the bill, cuts to food benefits, four millions, cuts to student loans, including for medical school, and an end to clean energy credits from the Biden era, and big cuts to the National Park Service. Though the bill does fulfill a campaign promise, no more taxes on overtime and tips, but only through President Trump's term. It also boosts funding for ice and a border wall and for air traffic control. So to break it all down, we've got our chief Washington analyst, Robert Costa, joining us this morning. Bob, good to see you. So as you know, the president fought to have this bill pass and he's celebrating its passage, but is there any concern amongst Republicans about how the impacts will affect cuts, for example, in Medicaid and the people who rely on them? Good morning, Vlad. Well, there are public celebrations from President Trump and other Republicans. Behind the scenes, it's a little bit more muted. There is concern that ahead of the 2026 midterm elections, Republicans are going to feel a burden politically because of all of these cuts across the board, and especially on Medicaid, many working Americans who are looking for that sort of healthcare coverage, who are looking for food benefits, they might feel a bit of a limit in terms of the scope of what they can get, and they might make Republicans pay the price, but strategists say in the GOP, they're going to work in the coming year to try to sell this bill. All right, so you no doubt saw Hakeem Jeffries making that very long and impassioned speech against the bill on the House floor. Is this a sign of how Democrats will be framing their messaging ahead of the midterms? The way in which this unfolded is really important to look at. Representative Jeffries, the Democratic leader in the House, his allies tell me behind the scenes he needed a moment. He wants to go toe-to-toe with President Trump as a political performer, not just as someone who has a different political argument, and by seizing the political stage and really getting national attention, they're hoping that Representative Jeffries, Leader Jeffries, can get out there and start to articulate for the Democrats a forceful argument against President Trump and say that this bill and everything President Trump is doing is enabling the rich in this country. You see class politics starting to emerge as a real part of this next conversation. You no doubt saw the President yesterday after he was asked about his power in this term, saying that he feels that he has a lot more power this term than he did in his first term. So what does this policy fight this week tell us about where the two parties stand and how much President Trump is driving the process? Quickly, Vlad, this shows how much power President Trump has within the Republican Party. Usually these big legislative fights have a lot of intra-party quarreling. What you saw is President Trump was able to get almost everything he wanted at a relatively fast pace. All right, Bob, thank you very much. Happy Independence Day, my friend.

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