Fiscal Unsustainability & Debt - US national debt is a staggering $37 trillion, and a proposed bill could add at least $3 trillion more over the next decade [3] - The bill under discussion is projected to increase deficits by approximately $4 trillion [8][19][20] - The US is on a fiscally unsustainable trajectory, with Social Security and Medicare facing potential shortfalls in less than a decade [7] - Increased debt could lead to higher interest rates for consumers and the government, impacting borrowing costs for cars, homes, and credit cards [4] Impact of Proposed Legislation - The bottom 40% of the population is expected to be worse off as a result of the bill, potentially losing health insurance and access to food stamps [9][21] - Over 10 million people are likely to lose their healthcare due to the proposed legislation [5] - The bottom 10% could be $700 worse off annually, while the top 1% may receive a $30,000 tax cut, described as a reverse Robin Hood effect [21] Trade War & Inflation - Trade wars and tariffs are expected to worsen inflation [5] - The Federal Reserve (Fed) indicated it would have cut interest rates if not for the uncertainty caused by tariffs and the trade war [5][23] Global Confidence & US Economy - There's a growing concern about declining global confidence in the US's ability to repay its debts [11] - The Fed paused on lowering interest rates due to the uncertainty caused by the Trump administration's sweeping trade policy [25]

Well, as we mentioned, the Senate passing the budget bill by the narrowest of margins. It was a tie-breaking vote from Vice President Vance. What this bill could mean in the long term for spending and debt and deficits and so much more.Joining us now from the White House in an exclusive interview is Russell Vote, director of the Office of Management and Budget. And Director Vote, it's great to have you on Overtime. Welcome.Thanks for having me. So, let's start with the fact that we did have one big beautifu ...

Tonight, all the focus is on the Senate floor. All day long, senators have been voting on amendments to Donald Trump's gargantuan tax and spending bill. Republicans are rushing to get the bill to Trump's desk in time for his Friday deadline.Now, Donald Trump wants you to focus on his campaign promises that are in the bill, extending the tax cuts from his first term, billions of dollars for border security, and eliminating taxes on tips and overtime. But let's level set about what else this bill will do. It ...

It is day 162 of the second Trump administration and tonight the focus is on the Senate floor. You are looking at it live right now. All day long, senators have been voting on amendments to Donald Trump's gargantuan tax and spending bill.Republicans are rushing to get the bill to Trump's desk in time for his deadline on Friday. Donald Trump wants you to focus on his campaign promises that are in the bill, like extending the tax cuts from his first term, billions of dollars for border security, and eliminati ...

RT Mario Nawfal (@MarioNawfal)🚨🇺🇸 THE $5 TRILLION PROOF THAT AMERICA NEEDS A THIRD PARTYElon is right.When Congress passes the biggest debt ceiling increase in history, something is fundamentally broken.Senator Rand Paul exposed the uncomfortable truth: This bill adds $270 billion to the deficit next year while raising the debt ceiling by $5 trillion.That astronomical number isn't just spending, it's an admission that both parties have given up on fiscal responsibility.The cycle is predictable and soul-crus ...

Welcome to Meet the Press Now. I'm Yamish Shaendor in Washington, where the president and Republican congressional leaders are hoping to jam through his legislative agenda by July 4th, despite divisions in their party and the threat of political backlash. All day, the Senate has been engaged in what was called a voter as it considers changes to the legislation as part of a marathon session that could go late into the night before a final vote on the bill.And here's a reminder of what's in this massive packa ...