The newly passed legislation awaits Trump's signature in a White House ceremony on Friday following a 218-214 vote in the House.

The "big, beautiful bill" will add trillions to the national debt through tax cuts, and millions of people could lose their health insurance.

President Trump repeatedly stated that he wanted to end Social Security benefit taxes, but that's not what the OBBB does. Instead, it adds a new $6,000 tax deduction for seniors ($12,000 for married couples) that they can claim on top of the standard deduction and existing senior deduction. Here's a closer look at how this adds up: