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The Republicans’ $3 Trillion Vanishing Act

The Daily

2025/07/02
The Daily

The Daily

2025/07/02

Shownote

With a tiebreaking vote from Vice President JD Vance, the Senate has adopted President Trump’s giant domestic policy bill, which now heads back to the House for a final vote. The legislation is defined by the staggering amount of debt it will create: more....

Highlights

In a closely watched legislative move, the U.S. Senate approved a major domestic policy bill backed by former President Trump, using a procedural maneuver to push forward a sweeping agenda that includes permanent tax cuts and significant changes to federal spending. The bill now heads back to the House for a final vote, but its financial implications have sparked debate among economists and policymakers.
00:00
Vice President JD Vance casts tie-breaking vote in Senate
09:47
CBO analysis shows Republicans claim a half-trillion-dollar debt reduction over ten years using their accounting standard.
13:19
The bill could add about $3 trillion to the deficit.
20:05
Japan's hint of selling U.S. debt shook the financial system
26:28
Trump calls Zoran Mamdani a communist after his primary win.

Chapters

How a Tie-Breaking Vote Cleared the Path for a Controversial Policy Bill
00:00
Can Creative Accounting Make Debt Disappear?
06:36
Is Congress Rewriting the Rules of Fiscal Responsibility?
13:19
What Happens When the World Doubts U.S. Debt Safety?
16:55
Are We Entering a Cycle Where Debt Feeds More Debt?
23:09

Transcript

Colby Smith: We are living in interesting times, a turning point in history. Andrew Duehren: Are we entering a dark, authoritarian era? Michael Barbaro: Or are we on the brink of a technological golden age? Or the apocalypse? Colby Smith: No one really ...