U.S. President Donald 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 Donald Trump has celebrated the passage of a major tax and spending bill, describing it as a significant achievement for his administration. The legislation includes cuts to food benefits, student loans, and clean energy credits, as well as increased funding for border security and air traffic control. The bill also fulfills a campaign promise by eliminating taxes on overtime and tips, but only for the duration of Trump's term.

While the bill has been publicly praised by Trump and Republican leaders, there is concern within the party about the potential political impact of the cuts, particularly to Medicaid and food assistance programs. Democratic leaders, including Representative Hakeem Jeffries, have voiced strong opposition, framing the legislation as favoring the wealthy and highlighting emerging class politics in the lead-up to the next election cycle.

Trump set to sign "big, beautiful bill"

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.

The talk comes a day after President Donald Trump and Russian President Vladimir Putin discussed Ukraine, Iran and other issues in a call the Kremlin described as "frank and constructive."

Kyiv

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More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

Jerusalem

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Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

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President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

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Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

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Manhattan

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Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

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The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

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Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

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Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

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Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

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Madison

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Paris

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Everglades

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Former criminology graduate student Bryan Kohberger has agreed to plead guilty to killing four Idaho college students in 2022, a move that would spare him the death penalty under a deal with prosecutors, ABC News reported on Monday (June 30).

Moscow

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Thailand's Constitutional Court on Tuesday suspended Prime Minister Paetongtarn Shinawatra from duty pending a case seeking her dismissal, adding to mounting pressure on a government fighting for survival on multiple fronts.