Our deficit is $2 trillion and you know you guys focused on the fact this is going to add two and a half or three trillion dollars and obviously there'll be some offset for tariffs. It's going to go from $30 trillion of debt to 50 trillion in 10 years. It's not the three trillion that matters. It's the extraordinary additions being added each year.And so I I'm happy we have the the tax bill in place. You know the tax side where you you know your R&D expension is you know your physical equipment expensing an ...

Three months ago, Ray, you said that we were about three years away from the US going broke. A lot has changed since then. The tariffs, liberation day, the markets, no spasms from that.And Moody's downgraded the US debt. They were the third of the ratings agencies to do so. How close are we now, if not 3 years away.>> Well, it really depends on how we're going to deal with this. We are at a juncture right now. If we can soon, very soon, while the economy is still good, cut the deficit to 3% of GDP, which is ...

We know there's been a lot of drama around this package, especially Elon Musk's opposition to it and I do believe Elon understands that government spending is taxation and that is why he's railing against more government spending. But I think what is also happening is that the forces that he put in motion through Doge and through the people who are still at work in this administration um are lowering employment and uh and evolving a different mindset inside the government. So, I don't think that this is as ...

Tax Policy & Economic Growth - The new tax policy allows companies to immediately write off 100% of the cost of new equipment in the year of purchase, instead of depreciating it over several years [1][3][4][5] - This 100% expensing is considered a significant pro-growth component of the tax bill, incentivizing equipment purchases, boosting manufacturing, and creating jobs [4][5][11][13] - Senator Langford argues that full expensing is beneficial to the economy and businesses, especially small businesses and manufacturers, by improving their cash flow and reducing the need to borrow money for taxes [3][4][7] Deficit & Budgetary Impact - The Congressional Budget Office (CBO) scores the 100% expensing as a deficit increase due to its 10-year window scoring method, which doesn't account for depreciation beyond that period [6] - However, in real terms, the policy doesn't necessarily affect the actual deficit, as the depreciation would occur regardless, either in a single year or spread out over multiple years [9] - Other tax cuts, such as those on tips and overtime, are not considered as progrowth as the full expensing policy, although they provide tax relief to specific groups [10][11][12]

Fiscal Policy & Debt - The bill is projected to add $4 trillion to the national debt [2] - The bill could lead to deficits reaching 8% of GDP, a level almost unprecedented during peacetime without external shocks [2] - Future reconciliation packages are promised to cut the deficit, but the means to achieve this, especially without raising taxes on the wealthy, are unclear [6][7] Tax Implications & Distribution - The tax breaks in the bill may negatively impact poorer, working-class Americans while benefiting the wealthy [3] - Approximately 60% of the benefits are expected to go to individuals earning over $220,000 [14] - Certain aspects of the bill, such as no tax on tips, the child tax credit, and permanent no tax on overtime, could be supported in isolation [14] Market & Economic Impact - The bond market's reaction to the bill has been surprisingly muted [8] - There is a concern that tariff policy is slowing the economy, which, combined with massive deficit spending, could put pressure on interest rates [10] - Permanent expensing and making tax cuts permanent could be attractive to businesses and spur investment [12][13]

we would amend the house product. Uh I encourage them to amend it as uh lightly as possible. They went uh a little further than uh than than many of us would have preferred.But we have the product now. We are going to try to to to to uh answer all those concerns and get this bill delivered on time as we expected and hope from the very beginning. So a lot of work ahead, but that's that's the job.So we'll get it done. All procedural and legislative options are on the table. Do you expect the entire caucus to ...

The Senate working all night on President Trump's tax and spending bill, voting on dozens of amendments as GOP lawmakers try to get things done by Independence Day. Joining us right now is White House Council of Economic Project Chair Stephen Hyan. Good morning to you.Uh we're all trying to We just heard from the president as he uh was getting ready to get on that helicopter. Stephen, you know, there's big questions about whether this can all get done before uh before July 4th. And then there's frankly the ...

The House of Representatives waiting to see if the Senate signs off on President Trump's sweeping tax and cut spending cut and spending bill. Joining us right now with where things stand at the moment is Ways and Means Committee Chairman Jason Smith. And chairman, thank you for being with us today.It's always great to be with you. So, Congressman, let's talk through what's happening. The House sent a bill to the Senate, told them, "Don't touch much of this because we have very thin margins in the House. If ...

There is no way that the US “deficit/debt bomb” problem can be sustainably dealt with unless there is a bipartisan approach, Ray Dalio wrote in a post on X https://t.co/GZ62GqIPIs ...

There is no way that the US “deficit/debt bomb” problem can be sustainably dealt with unless there is a bipartisan approach, Ray Dalio wrote in a post on X https://t.co/Be8fGxPDeS ...