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Billionaire Bezos suggests no taxes for half the nation. Is that crazy or overdue?

Thu, 28 May 2026 05:00:32 -0400

Billionaire Jeff Bezos just detonated a financial hand grenade in the middle of America’s tax debate.

The Amazon founder recently suggested that the bottom half of American earners should pay zero federal income tax. Not lower taxes. Not a temporary rebate. Zero.

And whether you love billionaires or hate them, you have to admit something uncomfortable about Bezos’ proposal.

A whole lot of Americans heard that idea and thought, "Honestly … why am I paying taxes at all?"

BILL MAHER CALLS OUT BERNIE SANDERS, SAYS HE'S TIRED OF HEARING THE RICH DON'T PAY THEIR FAIR SHARE OF TAXES

That’s because the middle class feels financially exhausted.

Housing costs exploded.
Insurance costs exploded.
College costs exploded.
Groceries somehow cost more than a car payment did 20 years ago.

Meanwhile, millions of Americans feel like they’re running on a treadmill set to 11 while Washington keeps telling them to sprint faster.

THIS IS WHY YOU MAKE SIX FIGURES AND STILL LIVE PAYCHECK TO PAYCHECK

Bezos pointed out that the bottom half of earners contribute only a tiny fraction of total federal income tax revenue compared to top earners. A few weeks ago, I told you that the bottom 50% of taxpayers in America pay only 3% of federal income taxes.

Here’s the part nobody wants to say out loud. Many lower-income Americans already effectively pay little or no federal income tax after deductions and credits.

So, what Bezos is really proposing isn’t just a tax cut. It’s a psychological reset for America.

DAVID MARCUS: TAX-FREE OVERTIME COULD BE MIDTERM MAGIC FOR GOP

He’s saying, "What if work actually paid again?"

That’s political dynamite.

Imagine a nurse making $75,000 suddenly keeping several thousand extra dollars every year:

TRUMP BEAT BACK ANTI-FAMILY TAXES IN 2025. HERE’S WHAT NEEDS TO HAPPEN NEXT

That’s daycare money.
Car repair and gas money.
Emergency savings money.

Actual breathing room. And maybe an answer instead of a future of universal basic income.

And frankly, in the richest country in the history of the world, is it fair to ask, "why are we squeezing people who are barely getting ahead?"

But here’s where the conversation gets dangerous. And what really concerns me is paying more than my fair share already.

SEN DEB FISCHER: THE EV SCAM THAT STUCK TAXPAYERS WITH THE BILL FOR ELITE PERKS

Because somebody still has to pay for the government.

Social Security.
Medicare.
Defense.
Interest on the national debt.
Infrastructure.
Veterans benefits.

Washington spends money like silly teenagers with their parents’ credit card.

AMERICA'S $39 TRILLION DEBT BOMB COULD BE MORE PAINFUL THAN YOU THINK

So, if half the country stops paying federal income taxes, then one of three things happens:

The wealthy pay dramatically more. Check. The government cuts spending dramatically. Not likely. Or America borrows and prints even more money. Check.

Just like Meat Loaf sang years ago, two out of three ain’t bad. Or is it?

DAVID MARCUS: WHY NOBODY WANTS TO CUT THE NATIONAL DEBT DESPITE EVERYONE SAYING THEY SHOULD

Here’s the reality of our political world. Politicians hate cutting spending because spending buys votes.

So, historically, Washington chooses Option C. Debt. Lots of it.

America is already sitting on more than $39 trillion in national debt that will cross $40 trillion before year-end, and interest payments alone are the third-largest line item in the federal budget.

THE NATIONAL DEBT IS ABOUT TO HIT A TERRIFYING NUMBER NO MATTER WHAT WE DO

That’s not sustainable math. That’s financial Ozempic. It temporarily masks the pain while the underlying problem gets worse. And this is where both political parties are being dishonest with Americans.

The left acts like billionaires alone can fund the modern welfare state forever. They can’t.

The right acts like tax cuts magically pay for themselves. They usually don’t.

DOGE REVEALS WHAT YOU GET FOR THE HALF MILLION YOU'LL PAY IN TAXES OVER YOUR LIFETIME

The truth is uglier. America has a spending addiction and a tax code nobody understands.

That’s why Bezos’ comments hit such a nerve.

Because deep down, millions of Americans feel the system has stopped rewarding productive behavior. At our 250-year anniversary, do we really want to stop rewarding hard work, productivity and capitalism?

'ZOHRANOMICS': NYC MAYOR ZOHRAN MAMDANI’S SOCIALIST MATH DOESN’T ADD UP

People don’t mind paying taxes when they believe the system is fair. They revolt emotionally when they feel like the rules are rigged. And that’s exactly where we are right now.

This debate also exposes something even bigger. America may be slowly shifting from an income-tax society toward a consumption-tax society.

In other words: Tax spending more. Tax work less. How about flat tax and VAT tax (a value-added tax)?

JASON CHAFFETZ: 2028 ELECTION WILL BE A REFERENDUM ON OUR AI-DOMINATED FUTURE

That’s why ideas like national sales taxes, VAT taxes, luxury taxes and "consumption-based" taxation are suddenly gaining traction in both political parties.

Because if AI, automation and globalization continue reshaping work, taxing labor may become harder and harder politically.

But before Americans start chanting "zero taxes," they should ask one critical question.

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Do you want Scandinavian-style taxes with Scandinavian-style benefits? Or American-style taxes with American-style freedom?

Because eventually, math always wins. Personally, I’m a capitalist and not ready to give that up anytime soon.

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Jeff Bezos may have started the conversation. But the real fight isn’t about billionaires versus workers.

It’s about whether America still knows how to pay for the country we want to become over the next 250 years.

CLICK HERE TO READ MORE FROM TED JENKIN

Mark Sanford quits House race after one month, says fighting national debt is better done outside politics

Thu, 30 Apr 2026 16:14:39 -0400

Mark Sanford, the former Republican South Carolina governor and congressman, is abandoning his latest run to reclaim his former seat just a month after announcing his candidacy.

Instead, he will launch a nonprofit dedicated to addressing the national debt.

Sanford, 65, told The Associated Press on Thursday that he is shuttering his campaign to focus on combating the debt and deficit.

"After a lot of thought, I’ve concluded that the most effective way I can contribute right now is not by seeking office, but by helping build a broader movement focused on the country’s financial future," he said in a news release. "The trajectory of debt and deficits isn’t a Republican problem or a Democrat problem—it’s an American problem. And it’s one that demands sustained grassroots pressure for change to occur."

GOP DISRUPTOR COUNTERS BIDEN'S STUDENT LOAN BAILOUTS WITH PLAN TO SHIFT COSTS AWAY FROM TAXPAYERS

The organization will operate as a nonpartisan 501(c)(3) and will focus on building a nationwide grassroots network aimed at shifting the country’s current financial course. Sanford noted that with his first grandchild on the way, he also realized he wanted to spend more time with his family.

The decision came one month after Sanford entered the primary on the final filing day to reclaim his former House seat.

Sanford previously served three terms in Congress before serving as Governor of South Carolina. However, his tenure was overshadowed by a 2009 scandal in which he disappeared to Argentina to visit a mistress; at the time, neither his staff nor his wife knew his whereabouts.

NO EVIDENCE CAWTHORN, STAFFER HAD IMPROPER RELATIONSHIP, ETHICS COMMITTEE FINDS

While Sanford survived impeachment attempts and resisted calls to resign, his wife, Jenny Sanford, moved out of the governor’s mansion, relocated to the family’s beachfront home with their four sons, and later sued for divorce.

Sanford eventually won back his old seat in a 2013 special election, defeating 15 other candidates. He served two full terms before losing his 2018 primary to a GOP challenger backed by then-President Donald Trump.

His former seat is currently held by Republican Rep. Nancy Mace.

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As of Tuesday, the national debt stands at more than $38.9 trillion, according to the Treasury Department. That includes more than $31.2 trillion in debt held by the public and over $7.6 trillion in intragovernmental holdings.

"Our nation's crumbling financial course is what led me to enter this race, and it's what’s animated my time in politics," Sanford said. "I want to make a difference here, and as I began to get back into the world of politics, it really began to hit me how all of Washington's major changes have come as a result of outside pressure."

SEN RAND PAUL: My plan would force Congress to stop overspending your hard-earned money

Sun, 26 Apr 2026 07:00:02 -0400

The elaborate farce that is the congressional budget process is now in session. The Senate voted Wednesday, April 22, for a budget resolution, not because of some newfound fiscal sanity, but because the majority wishes to spend more money without paying for it.

You see, a budget resolution is necessary to do an end run around the filibuster. Normally, a bill requires 60 votes in the Senate to overcome a filibuster. However, a budget resolution that contains specific instructions can unlock the ability to pass a budget reconciliation bill with only a simple majority, or 51 votes.

One might be inclined to see value in this process in that it forces Congress to actually pass a budget — a rare occurrence under both parties. However, it turns out that many of the budgets that are passed are simply ignored.

For example, take last year’s budget, which called for spending $4.8 trillion for 2026. It turns out that Congress actually allowed $5.9 trillion to be spent. Just a minor rounding error of $1.1 trillion dollars! (Of course, I voted against this deficit spending)

SENATE GOP TAKES FIRST STEP TOWARD UNLOCKING BUDGET RECONCILIATION TO FUND ICE, BORDER PATROL

The problem is the budget has no binding force. The budget is a resolution but not an actual law. So, big spenders being big spenders, the appropriators of both parties simply ignore the budget limits and spend what they want. The result – the deficit last year was just short of $2 trillion, and the overall national debt now exceeds $39 trillion.

Fast-forward to this latest debate over the budget. Many in Congress will simply argue that the budget is a fiction and merely a "vehicle" to evade the filibuster. For the most part, unfortunately, that’s true. It would be one thing if some great principle were being advanced, such as reducing the taxes extracted from American individuals and businesses and balancing the budget. But, recently, the budget resolutions that have been advanced to simply enable the passage of reconciliation bills actually increase spending and increase the deficit.

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This latest budget bill is no different. It offers some unspecified cuts in spending levels, but its authors acknowledge the reality that the appropriators will simply ignore these lower spending numbers and that, even after 10 years, the budget will still not balance.

In contrast, I still continue to argue that any meaningful budget should cap spending and balance within a five-year time frame. My Six Penny Plan does just that. I chose five years to balance as that is the time frame included in the Balanced Budget Amendment proposed by conservatives to the Constitution and because anything beyond five years is really fiction and always altered in the interim.

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The budget before Congress never balances and, even after 10 years, will still be adding $600 billion annually to the debt. The burden of this enormous debt and the annual interest payments that exceed a trillion dollars will be our undoing. Our constitutional republic requires more. Our country deserves better.

In the next month, I will again offer my Six Penny Plan to balance the budget in just five years. Conservatives across the country need to demand better from Congress. Our kids’ futures require a Congress that will finally and definitively balance the budget.

CLICK HERE TO READ MORE FROM SEN. RAND PAUL

EXCLUSIVE: Planned Parenthood set for massive taxpayer windfall if Senate fails to act

Wed, 22 Apr 2026 13:46:49 -0400

EXCLUSIVE: A coalition of pro-life groups, including Lila Rose’s Live Action, Students for Life, CatholicVote and others, is urging the Senate to take urgent action to enact a decade-long ban on federal funding for Planned Parenthood and other abortion providers before a July 4 deadline.

Senate Republicans hope to nail down the first step of their party-line funding package for immigration operations this week.

The current prohibition on federal tax dollar funding for abortion businesses, which President Donald Trump signed as part of last year’s budget bill, is set to expire this Independence Day. With the deadline fast approaching and congressional majorities subject to change this November, the groups stressed in a letter to Senate Majority Leader John Thune that the lives of unborn children — and hundreds of millions in annual tax dollars — are at stake.

In their letter to Thune, the pro-life leaders wrote that extending the prohibition is a matter of urgent fiscal responsibility, saying the "financial stakes are significant" and that a 10-year extension "would represent one of the most meaningful pro-taxpayer reforms Congress can enact."

PRO-LIFE GROUPS WARN TRUMP HYDE AMENDMENT IS 'NON-NEGOTIABLE' AFTER FLEXIBILITY REMARKS

Before the big, beautiful bill’s provision took effect, Planned Parenthood, the largest abortion business in America, received approximately $800 million annually in taxpayer funding, primarily through federal health programs.

The letter asserts that "at a time of historic federal debt and growing budgetary pressure, continuing to subsidize the abortion industry is neither fiscally responsible nor defensible."

Though federal law bans taxpayer money from covering most abortions, many Republicans have long argued that abortion businesses such as Planned Parenthood use Medicaid money for other health services to subsidize abortion. Under the tax provision in Trump's 2025 spending bill, Medicaid payments are barred from going to abortion businesses, including Planned Parenthood.

The letter states that this prohibition "reflected longstanding concerns that many of the nation’s largest abortion businesses engage in activities that extend beyond traditional healthcare services."

These services, the letter says, include "providing and promoting abortion as a core organizational activity," offering or referring for gender transition interventions, including for minors, and delivering sex education programs that "promote inappropriate content to minors while denying parents meaningful transparency."

The letter states that the budget reconciliation process "remains the appropriate and proven legislative vehicle to achieve this objective" and that "defunding provisions fall squarely within reconciliation’s fiscal and policy scope."

"As the nation approaches the 250th anniversary of American independence," the pro-life leaders argue that "Congress has an obligation to ensure that federal spending reflects fiscal discipline, accountability, and respect for life."

PRO-LIFE ORGANIZATION CALLS ON HHS AND FDA TO SUSPEND ABORTION PILL APPROVAL, TIGHTEN SAFETY RULES

They further framed a ten-year extension as consistent with longstanding bipartisan precedent separating abortion from federal spending. Such an extension, the letter says, would also "provide long-term policy stability, protect taxpayers, and prevent future administrations from restoring funding through executive action alone."

In response, a spokesperson for Planned Parenthood shared a statement in which the organization slammed Republicans for including a provision to make the prohibition permanent in a 2026 reconciliation package framework released by the Republican Study Committee.

Planned Parenthood has said that 23 of its health clinics have been forced to close due to Trump's spending bill. More than 50 clinics closed in 18 states last year, with most located in the Midwest.

The organization called the 2025 budget bill’s bar on federal dollars for abortion businesses "unconstitutional," adding that the closure of its locations has left "thousands of patients with fewer options, higher costs, and less freedom to make their own decisions about their lives, bodies, and futures."

Alexis McGill Johnson, president of Planned Parenthood Action Fund, said that "any member of Congress who supports this proposal is choosing to sacrifice our health care system and Planned Parenthood health center patients who already struggle to get care, just so they can score points for their anti-abortion agenda," adding that "people’s ability to get the health care they need is on the line."

"President Trump and his backers in Congress have already caused irreparable harm when they passed a law ‘defunding’ Planned Parenthood," said Johnson, concluding that "Planned Parenthood Action Fund will never stop fighting to protect everyone’s access to sexual and reproductive healthcare."

SENATE GOP READYING PARTY-LINE FUNDING BILL DESPITE DIVISIONS, ANGER AT THE HOUSE

Meanwhile, Rose emphasized in a statement to ӣ��Ƶ Digital that "if Congress does not act, the abortion industry will once again have access to hundreds of millions of taxpayer dollars."

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"This letter makes clear why that cannot be allowed to happen," wrote Rose, adding, "Planned Parenthood’s core business is abortion. It exists to kill preborn children for profit. It has also become a major promoter of gender ideology, including puberty blockers and cross sex hormones for minors."

"The Senate should use reconciliation again and enact the strongest defunding measure possible under the law," she added. "American taxpayers should never be forced to subsidize an industry that distributes cross sex hormones to vulnerable kids and kills millions of preborn American babies through abortion every year."

In addition to Rose, the letter was signed by Students for Life President Kristan Hawkins, Catholic Vote President Kelsey Reinhardt, Susan B. Anthony Pro-Life America President Marjorie Dannenfelser and 34 other pro-life leaders from across the country.

Notably, Sen. Josh Hawley, R-Mo., introduced an amendment on Wednesday to create a budget mechanism allowing Congress to pass future legislation extending a ban on Medicaid funding for abortion providers, so long as it does not increase the federal deficit from 2026 through 2035.

In a statement shared with ӣ��Ƶ Digital, Hawley called it "unacceptable" that "on July 4th, America will start funding Planned Parenthood again."

"I filed an amendment this morning to BAN federal funding for Planned Parenthood. Hardworking Americans should not have to foot the bill for abortions or gender transitions. Congress must act now and pass my amendment," he said.

America's $39 trillion debt bomb could be more painful than you think

Thu, 26 Mar 2026 05:00:37 -0400

The United States just crossed a staggering milestone: $39 trillion in national debt.

Let that sink in. That’s not a typo. That’s not a projection. That’s the real number. And here’s the headline. My prediction is that we hit $50 trillion before the year 2030.

And yet, if you turn on the television or listen to politicians on either side of the aisle, you’d think we’re debating policy preferences. Tax this. Cut that. Stimulate here. Invest there.

FETTERMAN JOINS FISCAL HAWKS TO SOUND ALARM AS NATIONAL DEBT NEARS STAGGERING $37T

We’re not debating policy anymore.

We’re debating math. And math doesn’t care about your politics. America has a serious promises problem and is writing checks that it won’t be able to cash.

The $1 Trillion Line Item Nobody Wants to Talk About

There is one number that should terrify every American household.

Over $1 trillion a year in interest payments on the national debt.

Not defense.
Not Social Security.
Not Medicare.

Interest.

We are now at the point where America is effectively putting its future on a credit card and barely covering the minimum payment. We are risking investing for the future to pay for the promises of the past.

MAGA COUNTRY VOTERS SOUND ALARM OVER ‘RIDICULOUS’ NATIONAL DEBT AMID DEBATE OVER TRUMP-BACKED BILL

If you ran your household this way, I wouldn’t recommend a new strategy. I’d recommend a reality check that you’ve just suffered a financial heart attack and need to change right now or face irreparable consequences.

Is It Possible The United States Will Default?

Some worry that the United States could default on its debt if the national debt gets too large. Default is the wrong question.

The real question is: Does the U.S. have a debt sustainability problem?

And the answer is: Yes, but over time.
Debt-to-GDP already above 100%
Interest costs rising fast

No credible long-term plan to reduce deficits

That’s how countries get into trouble. It doesn’t happen overnight, but gradually, as we’ve seen with countries like Argentina and Greece. However, there is significant risk Americans don’t see coming if our credit rating gets downgraded again. We’re already approaching $1 trillion/year in interest and soon the yearly line items could exceed defense, Medicare and Social Security.

The US Dollar has been the gold standard as the world's reserve currency, and we are beginning to see real risk of the loss of global confidence. This means that if the debt spirals out of control, foreign buyers may reduce Treasury purchases, and the U.S. will have to offer higher yields to attract buyers.

In the end, math always wins. To stabilize our debt, taxes will go up, some deductions will go away, and other forms of taxation will emerge, like Social Security becoming an unlimited payroll tax like Medicare. This has a virtual trickle-down effect on high earners first, then small business owners, and eventually middle-class America.

The real risk isn’t the debt hitting $50 trillion. It’s what happens when interest costs crowd out everything else and America starts borrowing to stay afloat.

FLASHBACK: TRUMP RAN ON BEING 'KING OF DEBT' IN 2016, BRAGGED HE COULD ELIMINATE NATIONAL DEBT IN 8 YEARS

Our Politicians Three Favorite Myths

Let’s call it like it is. Both parties are selling us narratives that don’t add up.

Myth #1: "We can grow our way out of this"

Economic growth helps, but it doesn’t close a structural deficit that’s running north of $2 trillion annually. You would need historic, sustained, wartime-level growth to even dent this problem. That’s not a strategy. That’s wishful thinking.

Myth #2: "Just tax the wealthy"

Even if you confiscated a massive portion of high earners’ income, it still wouldn’t bridge the gap. You can’t plug a multi-trillion-dollar hole with a politically convenient talking point like taxing billionaires will solve our woes.

Myth #3: "We can cut waste and fix it"

Of course there’s waste. DOGE has already tried to fix it. But eliminating it doesn’t come close to solving the problem. The real money sits in entitlements and interest and those are the third rails of American politics.

The Real Problem: America Has a Promises Addiction

Here’s the uncomfortable truth: We’ve promised Americans the following.

Retirement benefits we haven’t fully funded
Healthcare benefits with no cost controls
Defense commitments across the globe
Subsidies, programs, and incentives layered on top of each other for decades

And here’s the kicker to boot. Nobody wants to give anything up.

Not the voters. Not the politicians. And not the markets.

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Why This Should Matter To You Right Now

This isn’t some abstract macroeconomic debate with a 39 trillion-dollar punctuation point.

It should be personal. If you’re personally saving for retirement, running a business, investing in markets, or planning your family’s financial future, then you are directly exposed to the consequences of this debt trajectory.

Because here’s the bottom line. When governments get into trouble, they don’t default. They dilute. They dilute your dollar. They dilute your returns. They dilute your purchasing power.

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Crossing $39 trillion should have been a wake-up call. Instead, it’s just today’s news headline until we hit $40 trillion. To me, this is the most dangerous part of all. Because the longer we pretend this isn’t urgent, the fewer options we have left when it becomes unavoidable.

Houston, we have a problem, and when can we get an adult in the room to fix it?

CLICK HERE TO READ MORE FROM TED JENKIN

Pentagon estimates Iran war cost $11.3B in the first six days in closed-door congressional hearing: report

Thu, 12 Mar 2026 14:14:14 -0400

Pentagon officials on Tuesday told legislators during a closed-door briefing that they estimated that the cost of the Iran war was more than $11.3 billion during the initial six days of the conflict, the New York Times reported, citing three unnamed individuals familiar with the briefing.

That estimate did not encompass many expenses tied to the effort, such as buildup of military assets and personnel prior to the first strikes, the outlet added.

Other reports indicate that the briefing involved senators.

A Senate Armed Services Committee staffer, who noted that he could only speak for the minority staff and Ranking Member Sen. Jack Reed, D-R.I., referred ӣ��Ƶ Digital to a March 10 letter that the senator sent to Secretary of War Pete Hegseth, pressing for information about the costs of the war.

US DESTROYS AGING IRANIAN WARPLANES, VIDEO SHOWS

"Since the initial strikes on February 28, 2026, how much has the Department spent on these operations? How much are the daily costs of these operations? What are the costs to readiness? How much funding does the Department need to replenish munitions and aircraft combat losses?" Reed asked in part of the letter.

No comment was provided by the GOP side of the Senate Armed Services Committee.

ӣ��Ƶ Digital also reached out to the Department of War and the House Armed Services Committee Republican communications office on Thursday.

The war-related outlays come as the ever-expanding U.S. national debt nears the $39 trillion mark.

And while President Donald Trump has been waging the costly war in conjunction with Israel, a key U.S. ally in the Middle East, Americans have been seeing a significant surge in gas prices at home.

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"The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stoping [sic] an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen!" Trump said in a Thursday Truth Social post.

The biggest omissions in Trump’s State of the Union — and why they matter in 2026

Wed, 25 Feb 2026 12:35:48 -0500

President Donald Trump delivered a sweeping State of the Union address Tuesday night, promoting new policy proposals on retirement savings, energy infrastructure and congressional ethics while touting his administration’s record on border security, the economy and global military operations.

But despite the wide-ranging speech — which included calls for a congressional stock trading ban, a new 401(k)-style retirement option and ongoing nuclear negotiations with Iran — several areas notably were absent or only briefly addressed.

The omissions matter in 2026 as the administration heads into a pivotal year marked by record federal debt levels, cooling job growth, intensifying great-power competition with China and ongoing global instability.

With Congress narrowly divided and international tensions high, the State of the Union offered a key opportunity for the president to outline how his second-term agenda will address long-term fiscal sustainability, labor market momentum and U.S. strategy abroad — questions that remain central to lawmakers, markets and U.S. allies.

TRUMP'S 'HOME RUN' SOTU SPEECH SPARKS PRAISE FROM CONSERVATIVES ONLINE WHILE LEAVING DEMOCRATS SEETHING

National debt and deficit

Despite emphasizing economic growth and vowing to root out fraud, the president did not lay out a detailed plan to address the nation’s $38.56 trillion debt or the long-term solvency of Social Security and Medicare.

Trump’s "big, beautiful bill," 2025 tax and spending legislation, is projected by the Congressional Budget Office to add another $4.2 trillion to the deficit throughout the next decade.

The Supreme Court’s recent ruling striking down his universal tariffs creates a $2 trillion revenue gap that the president didn’t address. He claimed "alternative statutes" would fill it, but there’s potential for courts to strike down those as well.

The issue also has prompted concern within Trump’s own party.

Rep. Lloyd Smucker, R-Pa., while praising the president’s address, warned afterward that the national debt poses an "existential threat" that must be addressed to preserve economic stability for the next 250 years.

Outside fiscal watchdogs echoed that concern.

"The state of our Union is more indebted than ever," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. "The Supreme Court has opened a massive revenue hole of nearly $2 trillion (with the tariff ruling) that the Administration and Congress must fill."

Trump proposed a new "war on fraud" task force Tuesday night, to be led by Vice President JD Vance, claiming that rooting out corruption — specifically targeting the Somali community in Minnesota — could recoup enough stolen taxpayer funds to "balance the budget overnight."

The debt carries heightened urgency in 2026 as interest payments approach $1 trillion annually and lawmakers face looming deadlines on entitlement trust fund solvency and future budget negotiations.

The White House pushed back on concerns about long-term fiscal risks.

"The reality is that President Trump has already slashed the deficit by nearly 23 percent in his first full 11 months versus the same time period in 2024," White House spokesman Kush Desai said in a Wednesday statement.

"The CBO has also repeatedly underestimated economic growth, with 2025 GDP growth having eclipsed the CBO’s meager 1.9 percent projection for the year," Kush said. "Smaller deficits and higher growth thanks to President Trump’s economic policies are going to slash, not grow, America’s debt-to-GDP ratio."

Job growth

"The roaring economy is roaring like never before," Trump boasted during the speech. "More Americans are working today than at any time in the history of our country."

But the president failed to touch on 2025’s lagging job growth: the labor market added 181,000 jobs in all of 2025, much fewer than the 1.46 million jobs that were added in 2024.

Economists note that while headline job totals can mask fluctuations, the sharp deceleration in hiring relative to 2024 highlights a labor market that has softened even as other economic indicators remain positive.

Senate Minority Leader Chuck Schumer claimed Trump "mocked" affordability issues and failed to note weak job numbers.

"Trump didn't simply ignore the affordability crisis," Schumer said. "He mocked it yet again. The average American sitting at their table trying to figure out how they're going to pay that damn bill, was furious that he said, 'it doesn't matter.'"

"He bragged last night about job creation," Schumer said. "Well, job creation is … at its lowest point in over 20 years outside of a recession, its lowest point in 20 years. And he brags about it."

China and the Indo-Pacific

While Trump used his address to declare a "Golden Age" of security, the world’s most significant geopolitical theater — the Indo-Pacific — was hardly mentioned.

Despite a record-breaking $11 billion arms sale to Taiwan just two months ago and a planned high-stakes visit to Beijing in April, the President did not once mention Taiwan, the South China Sea or a broader regional strategy by name.

While Trump mocked "Chinese technology" in the context of the Venezuelan raid, he offered no public reassurance to allies in Tokyo, Canberra, Australia, or Taipei, Taiwan, which are navigating Beijing’s expanding military reach.

The omission follows a pattern established in the 2026 National Defense Strategy (NDS) released in January, which for the first time in a decade scrubbed direct references to Taiwan’s security.

Though the U.S. has long held a policy of strategic ambiguity — refusing to say whether it would come to Taiwan’s defense if China invaded — some analysts have detected a fragile détente between the U.S. and China.

The absence is notable in 2026 as Washington prepares for high-level talks with Beijing and regional allies closely monitor U.S. commitments amid rising cross-strait tensions and expanding Chinese naval activity.

A White House official told ӣ��Ƶ Digital there has been no change in policy toward Taiwan.

"The U.S. One China policy, which provides for executive branch interactions with both sides of the Taiwan Strait, remains the same as the first Trump Administration," the official said, noting that U.S. policy continues to be based on the Taiwan Relations Act, the three U.S.-PRC Joint Communiques and the Six Assurances to Taiwan.

Cuba and the embargo

Despite a marked escalation in U.S. policy toward Cuba, Trump made no reference to the island, the longstanding embargo or recent moves to tighten economic pressure. The omission is noteworthy given how central Havana has become to broader U.S. policy in the Western Hemisphere.

Under Trump’s second term, the administration has significantly reinforced sanctions and pressure on Cuba, moving beyond the decades-old embargo to block crude oil and fuel supplies that left the island largely without vital energy imports after Venezuelan shipments dried up, contributing to widespread blackouts and worsening humanitarian conditions.

SPEECHWRITERS SPLIT AFTER TRUMP’S RECORD-BREAKING SOTU: ‘LIVING IN HIS OWN REALITY’ VS. ‘RESOUNDING SPEECH’

In late January, Trump issued an executive order declaring a national emergency on Cuba and authorizing tariffs aimed at halting the supply of oil to the island.

Caribbean leaders also highlighted the regional consequences of U.S. policy on Cuba at a major summit this week, warning that the fuel and economic crisis could have broader security and migration implications across the Caribbean basin.

The issue carries regional implications in 2026 as Caribbean leaders warn that prolonged instability in Cuba could fuel migration flows and strain hemispheric security coordination.

Russia-Ukraine: referenced but little detail

Trump did touch on the war in Ukraine in his State of the Union, framing an ambition to "end" the conflict as part of his foreign policy narrative. But he offered no detailed outline of how the administration plans to achieve that goal or how U.S. diplomacy, military aid or leverage with European allies will be marshaled to bring it about — leaving a key foreign policy challenge largely undefined for the nation.

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"We’re working very hard to end the ninth war, the killing and slaughter between Russia and Ukraine, where 25,000 soldiers are dying each and every month — think of that, 25,000 soldiers are dying a month," Trump said.

The speech came on the fourth anniversary of Russia’s invasion of Ukraine.

The lack of detail stands out in 2026 as the war enters its fifth year and European allies look to Washington for clarity on long-term security guarantees and reconstruction support.

A White House official said the president’s team has made "tremendous progress" toward ending the conflict and reiterated that "The President has a humanitarian heart and wants this war settled so the senseless killing ends."

The official added that "we’re looking at some very good things happening on Ukraine and Russia."

America has a very expensive promises problem — and the bill is coming due

Tue, 24 Feb 2026 05:00:56 -0500

Every four years, Americans fall in love with a fantasy. A new president will change the federal deficit.

Republicans promise growth will outrun the debt.

Democrats promise taxes on the rich will fix it.

And the U.S. Debt Clock keeps spinning like a Vegas slot machine that only pays out in red ink.

THE ECONOMIC POLICIES SHAPING TRUMP’S RETURN TO THE WHITE HOUSE

As of 2026, the United States owes roughly $38.5 trillion, and it’s climbing about $8 billion per day. The net interest payments on the debt officially exceed our annual defense budget.

We’re not arguing politics anymore. We’re arguing arithmetic.

The Trump Plan: Growth + Tariffs + Tax Cuts

Let’s be fair: Trump’s economic philosophy has been consistent since he started campaigning.

Extend tax cuts — no tax on tips, overtime or Social Security.

Add tariff revenue — now a political and legal battle.

Shrink bureaucracy — started with DOGE.

Grow GDP faster than spending — up only 1.4% last quarter.

That worked sort of well when debt was $20 trillion lower and interest rates were near zero.

But today’s numbers are very different.

The Congressional Budget Office estimates current policy paths keep deficits near $2 trillion annually and push debt to about 120% of GDP within a decade.

Here’s the translation. Even if the economy hums at an insane rate of GDP growth, the government is still spending dramatically more than it collects. Why is it that nobody really understands revenue and expenses in Washington, D.C., and that 85% of our revenue comes from the two buckets of personal income tax and payroll tax?

The Real Problem Isn’t Taxes or Tariffs. Here’s the 60-second explainer.

It’s interest. Lots and lots of interest. Interest on the debt alone is projected to exceed $1 trillion in 2026 and now roughly 14% of federal spending.

That means before we fund:

Defense

Social Security

Medicare

Infrastructure

Our Veterans

It’s like playing credit card roulette and the interest just keeps compounding with no end in sight. No State of the Union message Republican or Democrat can outgrow a compounding interest bill this large.

Politicians Don’t Like To Campaign On Math

TRUMP HAS SET THE STAGE FOR AN AMERICAN COMEBACK AFTER BIDEN’S DISMAL ECONOMY

Last fiscal year:

Government spent: $7.01 trillion

Government collected: $5.23 trillion

Annual deficit: $1.78 trillion

To erase the deficit overnight, you would need one of the following:

• Raise taxes roughly 35% (think about top tax rates going from 37% to 50%) and remember almost half the people in America don’t pay federal taxes whatsoever.

• Cut benefits massively, which really means one of the big three: Medicare, Social Security or Defense.

• Or grow the economy at wartime levels for a decade.

Do any of those sound realistic to you?

Why Trump Unfortunately Can’t Fix It (And Neither Can Anyone Else Alone)

Even Trump’s policies which add tariff revenue are projected to still increase deficits over time because tax cuts reduce revenue faster than tariffs raise it.

Here’s the uncomfortable truth we all need to face. America does have policy problems, but more importantly, America has a promises problem. Nobody wants to sacrifice anything, and when you are in debt, something has to be sacrificed to get out of debt.

The Real State Of The Union

The federal debt isn’t going to be eliminated.

It will be inflated away, written off, monetized, or slowly eroded by negative real interest rates because, mathematically, a $38.5 trillion balance sheet cannot be balanced with incremental policy tweaks. The U.S. doesn’t default. It dilutes.

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Presidents don’t control the deficit anymore. Trump can change tax policy. He already did it. Congress can try to change spending. But they rarely agree. But reality is reality. Changing this quickly is like turning the Queen Elizabeth around in a bathtub.

Unless America changes expectations or sacrifices are made on both sides of the aisle, the debt clock keeps running no matter whose name is on the Oval Office door. The debate in Washington is ideological. The risk to all of us is our standing to wear the crown of being the world’s currency.

CAROL ROTH: Trump is right to worry about interest rates — but there’s a price to pay

Fri, 13 Feb 2026 05:00:50 -0500

This administration was handed a fiscal mess, and with that a difficult path. Our debt/GDP is in the neighborhood of 120%, the level of an emerging market in crisis, held together by the U.S. dollar still being a major reserve currency and trade currency, as well as the importance and relative stability of our economy and financial markets.

Our government continues to run massive deficits — the type you might see during a recession or war, not during a time of GDP expansion. And we are now in a place where interest expense on our national debt exceeds our spending on defense. As historian Niall Ferguson’s eponymous Ferguson’s Law says, "Any great power that spends more on debt servicing than on defense risks ceasing to be a great power."

Given that higher interest rates beget higher debt servicing costs, and that we have an increasing amount of debt to finance, as well as trillions of dollars in debt to refinance this year, President Donald Trump is right to be concerned about interest rates.

But there is no free lunch.

LEAVITT ACCUSES SEN TILLIS OF HOLDING US ECONOMY 'HOSTAGE’ OVER FED NOMINATION DISPUTE

While the Fed has lowered its target interest rates, that more directly relates to interest rates at the short end of the yield curve (that is, short-dated Treasury securities). The market controls the long end of the curve (that is, longer-dated Treasury securities, like the 10-, 20- and 30-year maturities). And we have seen that those yields stay stubbornly elevated.

Ultimately, there will likely need to be some form of yield curve control (measures that bring and hold down the longer-term bond yields). If we continue to see our interest expenses rise, that will drive a larger deficit. That means more debt financing, which will drive up yields, make interest more expensive again and create a debt spiral until the U.S. and global bond markets are thrown into turmoil.

But, as we have seen with Fed meddling and government overspending, there is a cost to Fed intervention. The price paid will likely continue to inflate assets (on a nominal basis). While we need this because the value of stocks and housing decreasing over a period of time would likely directly and indirectly lead to a decrease in government receipts (aka tax revenue), it has the same effect on increasing deficits and exploding the cost of debt. This, again, means that some action will be taken.

GOP SENATOR VOWS TO BLOCK TRUMP'S FED CHAIR PICK UNLESS POWELL PROBE IS DROPPED

This is also why the positioning of Fed Chair appointee Kevin Warsh as a hawk (one who prefers tighter Fed policy) vs. a dove (one who prefers looser monetary policy) doesn’t really matter. Our fiscal situation and basic math will force him and the Fed to intervene in markets and lower interest rates one way or another.

The price paid for holding our fiscal house together will likely be inflation. This will continue to erode the purchasing power of the U.S. dollar and drive a bigger wedge between the wealthy and the middle class in America.

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But intervention is only a temporary solution. It buys time, but it doesn’t solve the problem.

Unless government spending is reduced, not only through lowering interest expense, but across all categories, or growth is so massive that in either scenario the deficit is eliminated, the core problem doesn’t go away. It just gets held back for a short period of time and then we will be in the same situation again.

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If you are familiar with Congress, there doesn’t seem to be any political will from either of the major political parties to spend within an actual budget.

So, yes, interest rates are a problem, as is government spending. Warsh will be forced to help, whether he likes it or not, and we will all pay a price.

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Romney breaks with GOP orthodoxy, says 'rich people like me' should pay more taxes to fix debt

Fri, 19 Dec 2025 18:15:47 -0500

Former Sen. Mitt Romney, R-Utah, says wealthy Americans should pay higher taxes in a hot-off-the-press New York Times essay.

"Typically, Democrats insist on higher taxes, and Republicans insist on lower spending. But given the magnitude of our national debt as well as the proximity of the cliff, both are necessary," Romney wrote in the essay, published Friday.

"DOGE took a slash-and-burn approach to budget cutting and failed spectacularly. Europe demonstrates that exorbitant taxes without spending restraint crushes economic vitality and thus speeds how fast the cliff arrives."

JOY REID WARNS THAT REPUBLICANS WANT 'NO INCOME TAX' AND PEOPLE TO EARN 'AS MUCH MONEY AS THEY WANT'

Romney said when it comes to cutting spending, "only entitlement reform would make a meaningful difference" and argued that taxing the rich is the other option with the country headed toward a fiscal "cliff."

"And on the tax front, it’s time for rich people like me to pay more," Romney wrote. "Our roughly 17 percent average tariff rate helps the revenue math. Doubling it — which seemed possible shortly after ‘Liberation Day’ — would further burden lower- and middle-income families, and would have severe market consequences."

Romey said he used to oppose increasing the income level where FICA employment taxes, mandatory federal payroll taxes that fund the Social Security and Medicare programs, are administered, with the cap being at $176,100 for 2025. He said he no longer does.

"The largest source of additional tax revenues is also probably the most compelling for fairness and social stability," Romney wrote. "Some call it closing tax code loopholes, but the term ‘loopholes’ grossly understates their scale. ‘Caverns’ or ‘caves’ would be more fitting."

HOW TRUMP CAN TURN THE TABLES ON THE LEFT WITH A RADICAL TAX PLAN

Romney used Elon Musk and his wealth to illustrate his argument.

"Consider, for example, the cavern of the capital gains tax treatment at death for those with enormous estates," Romney wrote. "Let’s look at a hypothetical scenario using Elon Musk as a proxy. If he had originally purchased his Tesla stock with, say, $1 billion and held it until his death, and if it were then worth $500 billion, he would never pay the 24 percent federal capital gains tax on the $499 billion profit. Why? Because under the tax code, capital gains are not taxed at death.

"The tax code provision known as step-up in basis means that when Mr. Musk’s heirs get his stock, they are treated as if they purchased it for $500 billion. So no one pays taxes on the $499 billion capital gain. Ever."

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While a rapidly growing economy would help, the realistic solution to fixing the country’s financial woes, Romney said, is to tax the rich.

"I believe in free enterprise, and I believe all Americans should be able to strive for financial success," Romney wrote. "But we have reached a point where any mix of solutions to our nation’s economic problems is going to involve the wealthiest Americans contributing more."

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Fetterman joins fiscal hawks to sound alarm as national debt nears staggering $37T

Sat, 09 Aug 2025 04:00:27 -0400

The U.S. national debt is rapidly approaching $37 trillion with no signs of slowing down as President Donald Trump's "big, beautiful bill" is projected to raise budget deficits by $2.4 trillion over a decade, according to the Congressional Budget Office (CBO) dynamic analysis.

Senators from both parties sounded the alarm on the staggering debt crisis in interviews with ӣ��Ƶ Digital on Capitol Hill.

"I'm very, very deeply concerned about that," Sen. John Fetterman, D-Pa., said. "I think that's gonna be part of the next big crisis, where we are gonna have to confront our national debt because it wasn't that long ago that a trillion was unthinkable, and now that there's 40 trillion approaching in our debt, we really have to address it, honestly."

Trump signed his "one big beautiful bill" by Congress' self-imposed July 4 deadline. It includes the fulfillment of Trump's key campaign promises through the reconciliation process, including tax cuts and reforms to immigration, energy and Medicaid.

MAGA COUNTRY VOTERS SOUND ALARM OVER ‘RIDICULOUS’ NATIONAL DEBT AMID DEBATE OVER TRUMP-BACKED BILL

But conservative fiscal hawks, including Rep. Thomas Massie, R-Ky., who voted no and regularly sports a national debt clock badge, threatened to derail its passage as they spoke out against its contribution to the national debt.

DEMOCRAT-CONTROLLED BUDGET OFFICE WRONGLY ANALYZED TRUMP'S BIG BILL, MISSED RECORD SAVINGS, WHITE HOUSE SAYS

Sen. Katie Britt, R-Ala., a Trump ally and advocate for the bill, told ӣ��Ƶ Digital, "The time for tough conversations is now."

She said the United States must continue to look for waste, fraud and abuse—a nod to former Trump-ally turned online foe, Elon Musk, who spearheaded efforts to cut government spending via the Department of Government Efficiency (DOGE) earlier this year, before a well-documented fallout between Trump.

"When you think of things like Social Security and Medicare, people say that they could be insolvent within the next eight years," arguing that interest on the U.S. debt and mandatory spending on programs, like Medicaid, are taking up a big portion of the pie.

"We've got to make sure that we are more responsible with taxpayer dollars," Britt added.

Meanwhile, freshman Sen. Bernie Moreno, R-Ohio, described the U.S. debt crisis as a "moral failing that we leave this country to our kids and grandkids with this kind of level of debt."

"$37 trillion of debt is unimaginable, right? We've got to balance our budget. We need to do it right now. If we don't do it, what's going to happen is interest [rates] are going to go up. Inflation is not going to be under control. It's real simple," Sen. Rick Scott, R-Fla., told ӣ��Ƶ Digital.

Sen. Ron Johnson, R-Wisc., agreed, "We need to focus on spending, spending, spending. I've been beating this drum really since I got here, but particularly with this administration, since January 1st, trying to return to a reasonable pre-pandemic level spending."

While Republicans have led the charge on eliminating waste, fraud and abuse in government spending, Sen. Ed Markey, D-Mass., said the number one priority should be reversing "all these massive tax breaks of billionaires and millionaires in America."

Trump's megabill included an extension of the 2017 Tax Cuts and Jobs Act (TCJA), as well as new tax breaks on tipped wages and overtime.

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Markey added, "We can save trillions and trillions of dollars that are going to be wasted in our country by giving these massive taxpayers by the trillions to the wealthiest. We also have to re-examine our defense budget. We actually don't need a whole new generation of nuclear weapons."

STEVE MOORE: Trump just scored the biggest conservative victory in three decades

Thu, 10 Jul 2025 07:00:32 -0400

Everyone knows that the "big, beautiful" tax bill signed into law on the Fourth of July lowers tax burdens for families and businesses. It also averts a $4 trillion tax increase starting next year. That's enough reason to heartily celebrate.

But what isn't well known is that this new law doesn't just change tax policy. It includes dozens of other long-sought policy goals – what I call "hidden gems." Here is a list of some of the major policy victories:

The law is the most aggressive federal advancement of school choice by allowing low-income parents to direct education dollars to private, charter or Catholic schools that are better for their kids.

TRUMP SIGNS 'BIG, BEAUTIFUL' BILL IN SWEEPING VICTORY FOR SECOND TERM AGENDA, OVERCOMING DEMS AND GOP REBELS

The law also expands eligibility for personalized medical savings accounts instead of conventional insurance. This allows workers to control their healthcare dollars.

The law increases mining and drilling on federal lands to increase access to America's natural resource supplies to end our dependence on the Middle East or China or Russia.

BIG BEAUTIFUL BILL IMMEDIATELY HITS THE CAMPAIGN TRAIL IN BATTLE FOR CONGRESS

The law formally ends the absurd Biden student loan forgiveness program, which forced taxpayers to swallow the costs of unpaid college loans.

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The law ends the electric vehicle mandate and phases out the Green New Deal, thus allowing Americans to buy whatever car they want.

The law expands opportunity zones and extends tax benefits for investing in inner cities and economically depressed rural areas. (I thought Democrats cared about poor communities!)

The law increases the tax to 8% on the near-trillion dollars of bloated university endowments – money that was never taxed. Is there a better way to tax the privileged rich?

TRUMP TOUTS 'VERY POPULAR' DOMESTIC POLICY BILL AHEAD OF WHITE HOUSE SIGNING

The law strengthens work requirements for Medicaid and food stamp recipients. History shows that work requirements end welfare dependency.

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The new law authorizes the sale of expanded spectrum to strengthen rural broadband, secure America's technological dominance and reduce the national debt by nearly $100 billion.

There's much more to shout about, but these are some of the greatest hits in a big and beautiful bill that advances America's freedom and prosperity. Expect the economy to grow at over 3% in the years ahead, which will bend down the burden of our national debt. Is it the biggest consecutive victory in modern times? It may just be.

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LIZ PEEK: Musk throws his own party because he’s mad at President Trump

Tue, 08 Jul 2025 05:00:23 -0400

What is Elon Musk trying to do?

As the founder of Tesla and SpaceX pursues his quixotic effort to launch a new political party – the America Party – you have to wonder – does Musk really care about our government debt or is he very, very angry that President Donald Trump’s big, beautiful bill eliminated tax credits for Teslas and other electric vehicles? After all, ditching the tax breaks for EV helps cut spending. Musk can’t have it both ways.

After donating hundreds of millions of dollars to help elect Trump, being celebrated as the president’s right-hand man and spearheading the controversial effort to help cut government fraud and waste, Musk is likely irate – understandably-- that he is not getting preferential treatment from the White House. Trump’s cavalier disregard of Musk’s concerns must have come as a hurtful shock.

ELON MUSK INDICATES HIS NEW POLITICAL PARTY WILL BE PRO-GUN, PRO-BITCOIN: 'THE SECOND AMENDMENT IS SACRED'

As a result, Musk is lashing out – as he has done before – by insinuating that Trump had dealings with Jeffrey Epstein, for instance – determined to undermine the president and his agenda. Musk has given a lot to this administration. Tesla came under ruthless attack because Musk volunteered to guide DOGE; dealerships were firebombed and cars vandalized. Worse, customers walked away.

But launching a new political party is an especially risky way to go. Tesla’s stock sold off sharply on the news, ending up 40% off its 52-week high. The car company’s shareholders have already signaled they want CEO Musk to spend less time on politics and more on reviving Tesla’s mojo. While Musk has indicated that Tesla’s robotaxis are the wave of the future, and they may well be, the company today is not thriving.

The Wall Street Journal is reporting that Tesla is struggling in China, its second-largest market, losing market share to more advanced and cheaper EVs. In May, sales were down 30% from the year earlier, even as the sector overall grew 28%. In Europe, Tesla is suffering the same Trump-related reputational issues as here in the U.S. It is not a good time for Musk to become distracted.

TRUMP DISMISSES MUSK'S POLITICAL AMBITIONS AS 'RIDICULOUS' IN SHARP REBUKE

It is also not a good idea for Trump to further inflame his former sidekick, as he recently did by calling Musk’s venture "ridiculous." Musk’s strategy for how he can gain significant political power (and sabotage Republicans) is clever and could damage Republicans. As he posted on X: "One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts. Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people."

The SpaceX owner explained in yet another post, "The way we’re going to crack the uniparty system is by using a variant of how Epaminondas shattered the myth of Spartan invincibility at Leuctra: Extremely concentrated force at a precise location on the battlefield."

Musk has the money to influence a few races and, on today’s closely contested political battlefield, a few seats could give the America Party considerable influence. It could also eliminate the slim GOP majority in the House and Senate.

ELON MUSK LAUNCHES ‘AMERICA PARTY’ AFTER TRUMP SIGNS HISTORIC SPENDING BILL: 'WASTE & GRAFT'

But … to what end? If edging out some Republicans hands control of Congress over to Democrats, Musk will have enabled even greater deficits. Has he forgotten the spending spree undertaken by Democrats while President Joe Biden was in the Oval Office? Does he remember how they treated him? Because Musk does not employ union labor, the Biden White House shunned him, and launched investigations into his businesses. Surely, he cannot pine for those days.

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Musk’s party may be new, but the idea is not. Throughout history candidates and policymakers have railed at the inadequacies of our two main political parties, but few third-party ventures have made it out of the starting gate.

The most successful such effort in modern times was billionaire H. Ross Perot’s 1995 creation of the Reform Party of the United States. Three years earlier, Perot had run for president as an Independent, outspending both major party candidates and winning 19% of the vote. His participation in the race drained votes from the GOP candidate and gave the win to President Bill Clinton, who captured 43% of the vote and defeated incumbent President George H. W. Bush.

But when Perot ran again in 1996, representing his Reform Party, he attracted only 6% of the vote. The Reform Party’s biggest victory was the election of Jesse Ventura, who became governor of Minnesota in 1998. Its most important legacy was helping to inspire Republican Rep. Newt Gingrich’s Contract with America, which reset the GOP agenda and focused on many of the issues raised by Perot, including excess government spending.

LIZ PEEK: FIVE CRITICAL TAKEAWAYS FROM THE EPIC TRUMP-MUSK RUMBLE

U.S. debt, as a percentage of GDP, peaked just after World War II at 106%, declined steadily until 1974, when it stood at 23%; between 1974 and 1992, it more than doubled to 47%, a trend that energized Perot’s battle against government deficits and also delivered Gingrich’s call for a balanced budget amendment.

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Today, rising deficits and debt are again driving discontent with our political establishment. Under President Barack Obama, our debt to GDP rose from 77% to 103%, Under Donald Trump, debt stabilized but then jumped to 133% of GDP when Congress adopted bipartisan bills designed to keep COVID-19 shutdowns from destroying the economy. Unhappily, emergency spending measures that were meant to be temporary were kept in place and even expanded under Joe Biden. Debt as a percentage of GDP has since declined only modestly, and at the end of last year totaled 121%. Musk and Republican deficit hawks are correct that spending must come down.

President Trump needs to reach out to Musk and settle their differences. Musk has caved before when Trump offered an olive branch; he will do so again. Both men can help each other, but both can also do significant damage – to each other and to the country.

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High school seniors see red when they learn the size of the national debt

Thu, 03 Jul 2025 05:00:14 -0400

"$10 million?"

"$100 million?"

"No, you're crazy, it's got to be more than that, it's got to be like in the billions."

MAGA COUNTRY VOTERS SOUND ALARM OVER ‘RIDICULOUS’ NATIONAL DEBT AMID DEBATE OVER TRUMP-BACKED BILL

"Yeah it's got to be at least maybe $50 billion dollars. Maybe even $100 billion."

"That much?"

"Maybe"

"No, no it must be even more than that. I bet you it's a trillion dollars."

SENATE WEIGHS TRUMP'S 'BIG, BEAUTIFUL BILL' AS POLICY GROUP BACKS CBO, PROJECTS $3 TRILLION DEBT INCREASE

"A trillion dollars? No way it’s that much."

I had just taught my high school seniors in U.S. government class about budgets and national debts and asked, "How much money do you think we owe? How much is our national debt?"

Their ridiculous responses, ranging from millions to billions to $1 trillion, are funny but also sad. Finally, I can't listen anymore and, feeling like the evil queen giving Snow White the poisoned apple, tell them: "$37 trillion dollars."

INVISIBLE TAX: GOVERNMENT DEBT IS CRUSHING YOUR FINANCES

There’s a stunned silence.

I then walk around the room with my hand out and start shaking students' hands, each time saying, "Thank you." They look at me, confused. Eventually a boy asks, "Why are you thanking us?

"Because you're the ones who are going to be paying it."

More stunned silence.

TRUMP’S ‘BIG BEAUTIFUL BILL’ NEEDS A 'FAT SHOT' TO END OUR DANGEROUS DEBT ADDICTION

Of course, many of them have heard, one way or another, about Washington's spending problems, deficits and debts. But it was not until this moment that they finally understood what it really meant – and what it will mean for them. Many of them are worried they’ll incur student loan debt – they were unaware of the other debt they’re inheriting.

I put usdebtclock.org up, along with a photo of my granddaughter playing in our back yard, and ask, "How much does she owe?"

It takes them a minute, but they find the "Debt per citizen" section – $108,010. She is 3 years old.

Of more immediate interest for them is "Debt per taxpayer," since some have already begun paying taxes, and most others will soon. That's $323,051.

YOU MIGHT NOT LIKE THE SOLUTION TO THE DEBT CRISIS, BUT HERE'S HOW TO FIX AMERICA'S SPENDING PROBLEM

I say, "Look at that debt clock – what is the worst number on there? Not the highest, the worst."

After a couple minutes, I direct their attention to the section, "Interest on the debt." It’s a little over a trillion dollars a year.

"What does that money buy?" one of them asks. I take a piece of scrap paper off my desk, crumple it, hold it up, and say: "To the taxpayer, it's worth exactly as much as this crumpled paper. That money doesn't build a single hospital or school or bridge. It doesn't build a single bomber or manufacture a single bullet."

I show them that in July of 2020 debt service was only $386 billion a year and the national debt was $26 trillion. I ask why would debt service be 2.6 times as high now when the national debt is "only" 1.4 times as high. The answer is that interest rates have gone up, greatly increasing the interest we pay on the debt.

CLASS DISMISSED: COLLEGES EXPECTED TO CLOSE AS ENROLLMENT NUMBERS TANK

The students try to come up with solutions. "Why not just pay it by printing more money?"

I explain hyperinflation and pass around a couple 100 million Deutsche Mark bills from Germany in 1923. I tell the story of a German woman filling an old wheelbarrow with Deutsche Marks, going to the store, leaving it outside for a moment while she selected some bread and milk, then coming back to find the old wheelbarrow gone--and the worthless bills dumped out in the street.

We watch the 2009 Onion satirical video "U.S. Government Stages Fake Coup To Wipe Out National Debt" in which a newscaster informs viewers:

"The White House today enacted an emergency plan to eliminate all the United States’ financial obligations to foreign nations by faking a violent coup of the American government …the fake coup began at 10 a.m. today, when fake rebel leader Octavius Del Monte stormed Congress, pretended to kill several congressmen … then said ‘Hear my words China, Japan, and the United Arab Emirates. The U.S. and all its vast debt, no longer exists. Henceforth, this land will be called Octavia. Do not even try to collect funds owed!’"

INVISIBLE TAX: GOVERNMENT DEBT IS CRUSHING YOUR FINANCES

The newscaster then explains that "Representatives on both sides of the aisle said the plan was the best option left for lowering our debt after ideas like burning down the country for the insurance money and disguising the nation as Canada were deemed infeasible."

I ask the students why it seems almost comical how worried they were in 2009 about the national debt. There’s a pause. Then one student raises his hand, and answers, ruefully, "Because it was only $10 trillion back then."

The students want to know how we--the allegedly responsible adults – could have done this to them. I list some of the reasons:

COVID-19 spending

REPUBLICANS SQUABBLE OVER TRUMP SPENDING PLAN AS FISCAL YEAR 2026 LOOMS: 'STAY UNTIL WE PASS IT'

The high cost of Medicaid
Two multi-trillion dollar wars

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A military budget which the Stockholm International Peace Research Institute estimates to be more than the next nine countries combined.

On the larger political reasons, I ask, "Have you ever seen your parents argue when one wanted to buy something?"

Some hands come up. A girl volunteers that a couple years ago her parents had a long running argument – mom wanted to buy a new refrigerator, and dad said, "We can't afford it". They were mad at each other.

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"What happened? How did they resolve the conflict?", I ask.

"They bought a new one. I think they put it on their credit card."

"Well, there’s your answer."

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Top Trump ally predicts Senate will blow past 'big, beautiful bill' deadline

Thu, 19 Jun 2025 07:00:32 -0400

A Senate fiscal hawk doesn’t believe Republicans can hit their own self-imposed timeline to pass President Donald Trump’s "big, beautiful bill."

Senate Republicans are racing against the clock to finish work on their version of the president’s colossal bill after the House GOP advanced its offering late last month.

So far, each of the 10 Senate committees has unveiled a portion of the bill and are fine-tuning each chunk to conform with Senate rules and address concerns among varying factions in the conference.

'IT JUST BAFFLES ME': SENATE REPUBLICANS SOUND ALARM OVER MEDICAID CHANGES, SPENDING IN TRUMP MEGABILL

Republican leaders are gunning to put the package on the floor next week, ahead of a scheduled recess for Independence Day, but Sen. Ron Johnson, R-Wis., believes there is enough resistance against the bill to torpedo that timeline.

"I think we have enough people that are saying, ‘No, we're not going to proceed to the bill prior to July 4.’" he said. "We need more time, but I think our efforts now are concentrated."

Johnson has long been pushing for far deeper cuts in the package, far beyond the goal of $1.5 trillion set in the House’s offering and the pursuit of $2 trillion in cuts in the Senate’s package to begin putting a major dent in the nation’s deficit.

SENATE PANEL NAVIGATES DELICATE COMPROMISES ON MEDICAID, TAXES IN LATEST CHUNK OF TRUMP'S MEGABILL

The lawmaker’s remarks came during a press call where he debuted his 31-page report on the GOP’s quest to ram the president's agenda through Congress.

The report offered a variety of scenarios of the deficit and growth impacts the Republicans’ plan could have based on varying levels of compound annual growth rates that varied from over 2%, 3% and 4%.

The report was meant to be a thumb in the face of the Congressional Budget Office’s findings on the bill and overall state of federal spending and deficits. But it also rejected the arguments made by Republican leaders and the White House in its pursuit of showing the reality of the nation’s fiscal health and the effect the "big, beautiful bill" could have on it.

'FULLY JUSTIFIED': GRAHAM PLOWS AHEAD WITH TRUMP BORDER FUNDING DESPITE PAUL'S OBJECTIONS

Ron Johnson acknowledged the sentiments of House Speaker Mike Johnson, R-La., and Trump that the spending cuts achieved in the House product were unprecedented but countered that "we've faced an unprecedented level of spending increase" since the pandemic.

"You can argue about the twigs and leaves on the forest floor, but I'm forcing everybody to take a step back and look at the look at the forest," Ron Johnson said. "It's blazing, and we got to put this forest fire out."

There are others with varying concerns, including the addition of a debt-ceiling hike and proposed changes to Medicaid, who could form a multi-faceted coalition to tank the bill.

Thune can only afford to lose three votes if he hopes to pass the bill, given that the nature of the budget reconciliation process skirts the filibuster and that Democrats have been iced out of the process thus far.

Ron Johnson noted that he hoped Senate Majority Leader John Thune, R-S.D., wouldn’t put the full bill on the floor next week because "I really think it’ll be voted down."

"If we do vote it down, I don't want anybody to interpret it as a slap in the face of either Leader Thune or President Trump," Ron Johnson said. "It's just saying, ‘Guys, we need more time. The ball has been in the Senate court for two weeks."

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Johnson has been a proponent of breaking up the megabill into two or three chunks, rather than tackling it all in "one fell swoop." However, he acknowledged there would need to be some kind of mechanism that would allow lawmakers to have "at least two, if not three, bites at the apple."

"I understand this process is to kind of jam everybody, but let's not do what Nancy Pelosi did and say, ‘Hey, got to pass this bill to figure out what's in it,’" he added. "Let's know fully what's in it. Let's do as President Trump asked. … He wants the Senate to make a better bill."

MAGA country voters sound alarm over ‘ridiculous’ national debt amid debate over Trump-backed bill

Tue, 10 Jun 2025 05:30:31 -0400

Voters in red areas of the country are ringing alarm bells over the country’s national debt just as President Donald Trump wants Congress to pass a bill experts say will add trillions to it over the next few years.

ӣ��Ƶ Digital spoke to voters in Trump voting districts throughout the United States to gauge how they feel about the U.S. national debt. Most of them said that it was a significant cause for concern, and some even called out the president they support for adding to it.

"We need to address the national debt, and I thought that Trump was doing that when he brought in [Elon] Musk. Don't get me wrong, I'm a Trump supporter. But I think his spending's gotten a little bit out of control," Art, in Lapeer, Michigan, told Fox.

TRUMP PUSHES 'BIG, BEAUTIFUL BILL' AS SOLUTION TO FOUR YEARS OF BIDEN FAILURES: 'LARGEST TAX CUT, EVER'

The national debt currently sits at $36.2 trillion and counting, according to Fox Business' National Debt Tracker. A new spending bill – dubbed the "big, beautiful bill" by Trump – has reinvigorated concern over how much higher the debt, with its implications for economic growth and future spending, can get.

The sweeping tax cuts and spending package, passed by the GOP-controlled House in May, addresses many of the president’s legislative priorities on cutting taxes, boosting border security, American energy, defense, and rolling back some of former President Joe Biden’s environmental regulations and tax credits.

However, the nonpartisan Congressional Budget Office has projected the legislation would add $2.4 trillion to the national debt, prompting criticism from even Trump allies like Sen. Rand Paul, R-Ky., and Sen. Rick Scott, R-Fla.

Former Department of Government Efficiency head Elon Musk even publicly feuded with the president over the bill last week, in a spat that played out on social media.

ELON MUSK WARNS EXCESSIVE SPENDING WILL PLUNGE US 'INTO DEBT SLAVERY'

Ahead of the upcoming Senate vote on passing the bill, ӣ��Ƶ Digital asked voters in Republican voting precincts about the national debt, and many responded they had serious reservations.

A woman in Staten Island, New York, who asked to remain anonymous, told Fox, "It’s too big. And we’re leaving it for the future, for our children, and we’re leaving all that debt on them to pay for. I don’t think that’s right."

"We can’t keep spending ourselves into the ground and leaving that burden for our children and grandchildren," Franceen in Boca Raton, Florida, declared.

Chris from Cypress, Texas said, "I mean, I'm inheriting it, my kids are inheriting it, and we've got to cut it off, or we're going to default."

Front Royal, Virginia, resident Frank told Fox that the debt has been a "longstanding problem."

"It’s probably going to be there even after I’m gone, but yeah, of course, any country has a problem with their debt. Of course, it’s a problem," he said.

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Joe in Lapeer said, "Yes, I think it is an issue. So, at this time, I think it’s going to level out over time. It can't keep going the way it was going, put it that way. You know, that's my opinion."

A man from Staten Island, who asked to remain anonymous, acknowledged the problem but expressed hope that Trump will try to right the ship.

"I think it's always a problem," he said. "I think the other party was just – made everything upside down and now Trump's trying to fix it. So, it's going to take a few years, but I think we're on the right track."

"It is a huge problem," Chad in Cypress, Texas, declared. "You know, we’ve got to the point right now – I think we're $34, $36 trillion in debt. And it's like running up a credit card, you know, sooner or later the bill has to be paid and there's no reason for America to be in debt."

However, another gentleman from Staten Island, who also asked to remain anonymous, told Fox he wasn’t too concerned.

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"I have no idea what the debt is. I could care less what the national debt is, as long as Trump makes this country a little better. National debt has been in existence for hundreds of years, right?" he said.

Trump ally stands firm against 'big, beautiful bill' despite pressure: 'It'll completely backfire'

Sun, 08 Jun 2025 11:00:33 -0400

EXCLUSIVE — One of the leading opponents of President Donald Trump’s "big, beautiful bill" declared not even the commander in chief will be able to deter him from speaking out against what he sees as a bill that falls short of Republicans’ goal of cutting government waste.

"It’ll completely backfire on him," Sen. Ron Johnson, R-Wis., told ӣ��Ƶ Digital of any attempts by Trump to sway him on the current legislation.

Johnson has become a prominent voice of opposition against the House GOP’s offering to the budget reconciliation process. Senate Republicans finally began the tedious process of parsing through the bill this week.

'HE'S NOT A BIG FACTOR': TRUMP'S SENATE ALLIES DISMISS ELON MUSK'S CALLS TO 'KILL THE BILL'

Lawmakers in the upper chamber, Johnson included, are determined to make changes to the bill, with most wanting to make reductions to Medicaid and food stamps more palatable. Trump has made it clear his bill must pass but has acknowledged the Senate will need to make a few changes.

Trump’s directive has been to deliver a bill that can survive the razor-thin majorities in both chambers.

Johnson, however, wants to see spending returned to pre-pandemic levels, cuts that are trillions of dollars deeper than what House Republicans could stomach. And he is ready to vote against the bill unless he sees the changes he wants.

And he believes that a pressure campaign from the president against him and other like-minded fiscal hawks will fail.

He said a better approach would be to work with lawmakers and fiscal hawks like him to gain a better understanding of the reality of the country’s fiscal situation, a reality that "is grim," he said.

SEN. RON JOHNSON PROPOSES 'LINE-BY-LINE' CUTS TO PASS TRUMP'S 'BIG, BEAUTIFUL BILL'

NATIONAL DEBT TRACKER: AMERICAN TAXPAYERS (YOU) ARE NOW ON THE HOOK FOR $36,214,501,400,213

Johnson has been up front about his disdain for the bill but has so far avoided public retribution from Trump. In fact, the two have spoken twice this week, once on Monday and later during a Senate Finance Committee meeting at the White House Tuesday.

The lawmaker has told Trump he’s in Trump's corner and that he wants "to see you succeed," but he has been steadfast in his position that the bill does not go far enough to tackle the national debt.

And the debt continues to climb, nearing $37 trillion and counting, according to ӣ��Ƶ’ National Debt Tracker.

The House’s offering set a goal of $1.5 trillion in spending cuts over the next decade, which lawmakers in the lower chamber have pitched as a positive step forward to righting the country’s fiscal ship, an offering Johnson panned as falling drastically short of the GOP’s promises to cut deep into government spending.

"What's so disappointing about what happened in the House is it was all rhetoric. It's all slogans," Johnson said. "They picked a number. Literally, they picked a number out of the air."

GOP SENATORS EXPRESS 'CONCERNS,' 'SKEPTICISM' OVER TRUMP'S SPENDING BILL AFTER MUSK RANT

Johnson views this attempt at the budget reconciliation process as a rare opportunity to "do the hard things" when it comes to spending cuts, but others in the GOP have been more hesitant to cut as deep.

Johnson said a main reason Republicans have so far fallen short of meeting the moment for the most part is that lawmakers don’t understand just how much the federal government shovels out the door year in and year out.

The lawmaker recalled a moment roughly three years ago during a debate over another year-end omnibus spending bill, when each of the dozen appropriations bills is crammed into one, bloated package that is universally reviled and almost always passes.

He asked his colleagues if they really knew just how much the government spends, and no one "volunteered to answer."

"Nobody knew. I mean, think of that. The largest financier in the world. We're supposedly, in theory, the 535 members of the board of directors, and nobody knew," he said. "Why would they? We never talked about it."

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Johnson has been busy trying to better educate his colleagues, putting together his own charts and graphs that cut out the "noise," like the latest nonpartisan Congressional Budget Office report that found the legislation would add $2.4 trillion to the national debt over a decade. The GOP has universally panned that projection.

"We can't accept this as a new normal," Johnson said. "We can't accept — you can take pot shots of CBO, but you can't deny that reality. [It] might be off a little bit, but that is the trajectory, and that's undeniable."

FLASHBACK: Trump ran on being 'King of Debt' in 2016, bragged he could eliminate national debt in 8 years

Fri, 06 Jun 2025 19:01:07 -0400

When Donald Trump ran for president for the first time, he campaigned on reducing the national debt, referring to himself at the time as "the king of debt" and telling voters he would pay off the nation's multi-trillion-dollar debt in 8 years.

"I'm the king of debt. I’m great with debt. Nobody knows debt better than me," Trump said during an interview with CBS's Norah O'Donnell in the lead up to the 2016 election. "I’ve made a fortune by using debt, and if things don’t work out I renegotiate the debt. I mean, that’s a smart thing, not a stupid thing."

"We’ve got to get rid of the $19 trillion in debt," Trump said a few months prior on the campaign trail during an interview with The Washington Post. When asked how long it would take, Trump responded: "I would say over a period of eight years … The power is trade. Our deals are so bad."

SENATE WEIGHS TRUMP'S 'BIG, BEAUTIFUL BILL' AS POLICY GROUP BACKS CBO, PROJECTS $3 TRILLION DEBT INCREASE

The nation's ever-rising debt is once again a focus for Trump, as GOP defectors over his "big, beautiful bill," have largely staked their concerns around arguments that the Republican Party's new spending package will increase the national debt and deficit too much, with the Congressional Budget Office estimating it will add roughly $3 trillion over the next decade.

The debt currently stands at more than $36.2 trillion according to Fox Business' U.S. National Debt Tracker.

Elon Musk, who has cemented his stance in recent days against the Trump-endorsed spending package – leading to a highly-publicized feud between the two leaders – has argued that bill "undermines" the work he did while leading the Trump administration's Department of Government Efficiency (DOGE) because it does not cut spending enough.

"This immense level of overspending will drive America into debt slavery!" Musk declared early on Wednesday in a post on X, shortly after he called the bill a "disgusting abomination."

TRUMP’S ‘BIG BEAUTIFUL BILL’ NEEDS A 'FAT SHOT' TO END OUR DANGEROUS DEBT ADDICTION

Shortly thereafter, Musk referenced an X post from GOP Utah Sen. Mike Lee, which argued that "the accrued interest on the national debt now exceeds $1 trillion a year." This is more than the country spends on defense annually, Lee's post added. "And yet Congress continues to add to the debt at an astounding rate of $2 trillion per year—with our national debt growing faster than our economy."

In another X post from Musk, in the lead up to his feud with Trump this week, he succinctly described the U.S.'s $36.2 trillion debt as "scary."

Even before the highly publicized feud between Musk and Trump over the contentious GOP spending package, Musk called the rising national debt "terrifying" and lamented "America is headed for de facto bankruptcy very fast."

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"President Trump is the first president in modern history to seriously tackle the waste, fraud, and abuse in our bloated government. He has already trimmed billions in astonishingly mindless government spending across the administration, and now he is spearheading The One, Big, Beautiful Bill – which will be the largest deficit reduction in decades," White House spokesman Kush Desai said to ӣ��Ƶ Digital in a statement Friday afternoon.

Trump's tariff strategy could pay for his tax bill, but only if they stick, experts warn

Fri, 06 Jun 2025 13:30:00 -0400

The White House and congressional Republicans have said that President Donald Trump’s sweeping tariffs would help pay for his mammoth tax bill, but tax experts say it depends on whether the president stays consistent.

Senate Republicans are in the midst of hashing out their plan to tweak and reshape the president’s "big, beautiful bill," which includes Trump’s desire to extend and make permanent his first-term tax policies.

SENATE REPUBLICANS EYE CHANGES TO TRUMP'S MEGABILL AFTER HOUSE WIN

However, the tax portion of the bill alone is expected to cost roughly $4 trillion. And when factoring in spending cuts and other revenue and economic drivers, the nonpartisan Congressional Budget Office found in a report earlier this week that, in all, the colossal legislative package would add $2.4 trillion to the deficit over the next decade.

The CBO, which has come under recent scrutiny from congressional Republicans unhappy with the scoring of the president’s "big, beautiful bill," also found that Trump’s tariffs would reduce the deficit by $2.8 trillion over the same period.

Joe Rosenberg, a senior fellow at the left-leaning Urban-Brookings Tax Policy Center, told ӣ��Ƶ Digital that the reconciliation package’s potential impact on the debt is more concerning now than in 2017, due to higher debt levels and rising interest rates.

'GONE TOO FAR': GOP LAWMAKERS RALLY AROUND TRUMP AFTER MUSK RAISES EPSTEIN ALLEGATIONS

When Republicans were putting together the president's original tax package, the national debt was roughly $20 trillion. Eight years later, that number has ballooned to over $36 trillion and counting.

Rosenberg contended that if the CBO’s report were taken as is, then Trump’s tariffs would make the bill deficit neutral and then some. But the report assumed that the eye-popping sums that Trump’s tariffs could generate were based on whether they were permanent.

"I think what we've seen is that the tariff policy, again, seems to change day by day, hour by hour, minute by minute," he said. "And the administration is a little bit inconsistent about whether they view tariffs as purely a revenue source versus essentially a negotiating tool."

The report also found that in exchange for trillions in deficit reduction, household wealth would drop, and the economy would shrink each year over the next decade.

Tad Dehaven, a policy analyst at the Cato Institute, argued that this factor—along with Trump’s tariffs being tied up in court over constitutional challenges and their shifting application—makes any projected benefits "extraordinarily unlikely."

"Let's pretend that these tariffs are going to remain in place for 10 years at some level delineated today. That's a major tax increase, so whatever alleged benefit you're receiving from the tax cut in the reconciliation package, it's being offset by a tax increase," he said. "And a rather economically inefficient one."

TRUMP'S TARIFFS AND TAX CUTS ARE CRUSHING MAIN STREET AND MAKING MAR-A-LAGO ELITES RICH

Mike Palicz, director of tax policy at the conservative Americans for Tax Reform, scoffed at the CBO’s recent scoring, and lamented the agency as "a bunch of bean counters" that often miss the mark on key pieces of legislation, like the president’s original Tax Cuts and Jobs Act.

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He argued that none of the outside noise should matter, telling ӣ��Ƶ Digital that "you cannot go out and explain to a normal person or business that their taxes aren't increasing next year if the Trump tax cuts are allowed to expire."

"That's what the whole point of this exercise is, preventing the expiration of tax cuts, preventing the largest tax increase in American history," he said. "And no conservative, no Republican, should think that you address the deficit by raising taxes."

Trump supporters defend 'Big, Beautiful Bill' against Musk's criticism, shrug off debt concerns

Thu, 05 Jun 2025 06:00:16 -0400

Americans in Republican strongholds were supportive of the "Big Beautiful Bill," despite expressing concerns about adding to the national debt, in interviews with ӣ��Ƶ Digital on Wednesday.

The sweeping tax and spending cuts package, passed by House lawmakers in May and backed by President Donald Trump, addresses many of the president’s legislative priorities on cutting taxes, boosting border security, American energy, defense and production, and rolling back some of former President Joe Biden’s environmental regulations and tax credits.

The White House has hailed the legislation as delivering "the largest tax cut in American history." However, the bill has faced criticism from former Department of Government Efficiency (DOGE) head Elon Musk, who claims it "undermines" all the work his DOGE team was doing.

"This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination," Musk wrote in a post to X on Tuesday. "Shame on those who voted for it: you know you did wrong. You know it."

TRUMP PUSHES 'BIG, BEAUTIFUL BILL' AS SOLUTION TO FOUR YEARS OF BIDEN FAILURES: 'LARGEST TAX CUT, EVER'

The measure, if signed into law, would likely even further fuel the nation's massive budget deficit. The national debt currently sits at $36.2 trillion and counting, according to Fox Business' National Debt Tracker.

The nonpartisan Congressional Budget Office projected the bill would cut taxes by $3.7 trillion while adding $2.4 trillion to the national debt.

ӣ��Ƶ Digital sought out Americans from communities that helped Trump win the 2024 election to see what they thought about Musk's criticism of the bill and if they'd support the legislation, even if it increased the national debt.

In Warren County, Virginia, where Trump won by 37 points, a Trump supporter named John said he was supportive of the bill and wasn't worried about increasing the debt for a time because he believed that Trump's efforts to bring "hundreds of thousands" of jobs back to America would bring in more revenue and pay down the debt.

"These people are not real smart," he said of the bill's critics.

John said he likes Musk but disagrees with his take on the "Big Beautiful Bill."

"He shouldn't say anything about the bill because it's better than no bill," he added.

ELON MUSK WARNS EXCESSIVE SPENDING WILL PLUNGE US 'INTO DEBT SLAVERY'

In Cypress, Texas, a community outside Houston that gave Trump a double-digit advantage over former Vice President Kamala Harris in 2024, locals were supportive of the bill, though they did not agree with everything in it.

"It's probably not the perfect bill, but it's a start," a man named Chad said. "It's a step in the right direction, getting us where we need to be."

TRUMP'S 'BIG, BEAUTIFUL BILL' FACES RESISTANCE FROM REPUBLICAN SENATORS OVER DEBT FEARS

Another man, Chris, said he was "frustrated" by the legislation because he supported a lot of the policies that were in it, but he also wanted to see DOGE preserved.

Keith, also from Cypress, said Musk was entitled to his opinion, but he didn't think the bill should get scrapped just because it may have some "bad things stuck in with the good."

"We have an imperfect system, but it's the best one in the world," he added.

All three men were skeptical about economists' predictions that the bill would add trillions to the national debt.

"Economists are correct less frequently than the weatherman," Chris joked.

SPEAKER JOHNSON SURPRISED BY MUSK'S CRITICISM OF 'BIG, BEAUTIFUL BILL': HE'S 'FLAT WRONG'

In South Florida, Trump supporter Franceen said she approved of the president's push to get the bill passed and was leery of media reports about the financial cost.

"They make up information and tell lies, anything to get at President Trump, so I tend to be very skeptical about things I hear and read in the mainstream media," she told ӣ��Ƶ Digital.

Over in red Staten Island, New York, Trump supporters also came out to back the bill, saying any financial cost would be worth it in the end.

"I think the benefits of the Big Beautiful Bill will outweigh any negativity," one man said.

"Overall, everything he's going to be doing is going to take us to a better place," another Trump supporter said.

Others dismissed Republicans and independents who've come out against it.

"He's the commander-in-chief," one man said. "Where do you get off telling the commander-in-chief what to do?"

In Lapeer County, Michigan, where voters overwhelmingly supported Trump in the 2024 election, residents said they were concerned about the rising national debt, but were also wary of those criticizing it.

"I don't believe that's true," Joe said of economic predictions. "I believe that's just to turn people against Trump."

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The legislation is now headed to the Senate. Trump is urging the chamber to work as quickly as possible to get the bill to his desk before July 4.

Those who spoke to ӣ��Ƶ Digital said lawmakers shouldn't worry about pressure from Trump or anyone else and should think of doing what's best for the American people.

"I think lawmakers should stop worrying about getting re-elected and do what's best for the people right now when they have the chance," Franceen said. "This is probably the one opportunity for the country to get back on track and right itself from the egregious mess that's previously been created. I do feel like it's a bit of a now or never thing."

Speaker Johnson surprised by Musk's criticism of 'big, beautiful bill': He's 'flat wrong'

Wed, 04 Jun 2025 14:21:35 -0400

House Speaker Mike Johnson, R-La., told reporters he was "surprised" by Elon Musk’s criticism of the "big, beautiful bill" after the two of them discussed the legislation.

While the speaker expressed confidence in the bill, he acknowledged that it took Congress "decades" to reach a point where the national debt has crept past $36.2 trillion and that it would take more than one bill to fix the situation.

"The Trump administration needs four years to do all this reform, not two years. The Biden administration, Biden-Harris, made such a disaster of every metric of public policy, it's going to take us more than one bill to fix it all," Johnson said.

NATIONAL DEBT TRACKER: AMERICAN TAXPAYERS (YOU) ARE NOW ON THE HOOK FOR $36,214,400,664,854.53 AS OF 6/3/25

ELON MUSK WARNS EXCESSIVE SPENDING WILL PLUNGE US 'INTO DEBT SLAVERY'

The Republican House leader said he and Musk, whom he considers a "friend," had a "great conversation" about the "big, beautiful bill" on Monday. The tech billionaire apparently joked that the bill could not be "big and beautiful," to which Johnson replied, "Oh, yes it can, my friend. It’s very beautiful."

"Elon and I left on a great note. We were texting one another — you know, happy texts," Johnson told reporters. The speaker added he was surprised when Musk came out against the bill the next day.

"I think he’s flat wrong," Johnson said. "I think he’s way off on this, and I’ve told him as much."

Johnson also praised the "obviously brilliant" tech billionaire for his work with the Department of Government Efficiency (DOGE) to cut government waste.

GOP SENATORS EXPRESS ‘CONCERNS,’ ‘SKEPTICISM’ OVER TRUMP'S SPENDING BILL AFTER MUSK RANT

Despite seemingly ending his tenure with the Trump White House on good terms last week, Musk came out swinging against the "big, beautiful bill," calling it a "disgusting abomination."

"This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it," Musk tweeted.

Musk also retweeted multiple pleas from Sen. Mike Lee, R-Utah, for the Senate to improve the bill and avoid saddling Americans with more government spending.

On Wednesday, during a weekly press briefing, House Republican leadership advocated for the "big, beautiful bill," saying it was necessary for funding the Trump administration’s crackdown on illegal immigration. Multiple leaders, including Johnson and House Majority Leader Rep. Steve Scalise, R-La., cited the antisemitic attack in Colorado allegedly carried out by an illegal immigrant as an example of why the bill’s funding is needed.

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"We need to go find the other Solimans and get them out of America," Johnson said in reference to suspected Boulder, Colorado, attacker Mohamed Soliman, the Egyptian national accused of throwing Molotov cocktails at a group of people calling for the release of hostages being held in Gaza.

Now that the bill has passed the House, it’s up to Senate Republicans to meet President Donald Trump’s July 4 deadline.

Trump's 'Big, Beautiful Bill' faces resistance from Republican senators over debt fears

Tue, 03 Jun 2025 22:38:25 -0400

President Donald Trump's "Big, Beautiful Bill" is facing criticism, even from within his own party, as some lawmakers remain skeptical about the massive spending package and its potential impact on the nation's debt, despite it being under consideration by a Republican-controlled Congress.

The spending bill, which the House passed late last month and is now in the Senate’s hands, aims to address a number of issues, including tax policy, border security and immigration, defense, energy production, the debt limit, and adjustments to SNAP and Medicaid.

However, without a serious overhaul, lawmakers like Sen. Rand Paul, R-Ky., is still a "no" on the legislation because it will increase the nation's debt limit. He is among a group of at least four Republican senators who have expressed concerns over Trump's bill, because of the package's projected increase in the national debt.

RAND PAUL SAYS HE WOULD SUPPORT 'BIG, BEAUTIFUL BILL' IF DEBT CEILING HIKE REMOVED

This week, Paul relayed his concerns to media members that the bill will raise the debt ceiling by $5 trillion.

"We have never raised the debt ceiling without actually meeting that target," he said. "So you can say it doesn't directly add to the debt, but if you increase the ceiling $5 trillion, you'll meet that. And what it does is it puts it off the back-burner. And then we won't discuss it for a year or two."

As of Tuesday, the national debt, which measures what the U.S. owes its creditors, was $36.2 trillion, according to the Treasury Department. Trump pushed back on Paul's remarks about his bill.

TRUMP WARNS RAND PAUL HE'S PLAYING INTO 'HANDS OF THE DEMOCRATS' WITH 'BIG, BEAUTIFUL BILL' OPPOSITION

"Rand Paul has very little understanding of the BBB, especially the tremendous GROWTH that is coming. He loves voting ‘NO’ on everything, he thinks it’s good politics, but it’s not. The BBB is a big WINNER!!!" Trump wrote on TRUTH Social.

Meanwhile, the national deficit, which occurs when the federal government’s spending exceeds its revenues, was $1 trillion as of Tuesday, according to Treasury Department data.

On Tuesday, White House press secretary Karoline Leavitt said the "blatantly wrong claim that the ‘One, Big, Beautiful Bill’ increases the deficit is based on the Congressional Budget Office and other scorekeepers who use shoddy assumptions and have historically been terrible at forecasting across Democrat and Republican administrations alike."

SEN. RON JOHNSON PROPOSES 'LINE-BY-LINE' CUTS TO PASS TRUMP'S 'BIG, BEAUTIFUL BILL'

The outlook for the federal debt level is bleak, as FOX Business previously reported, with economists increasingly sounding the alarm over the torrid pace of spending by Congress and the White House.

Under the terms of the bill, the bill would add over $2 trillion to budget deficits over a decade, according to a recent analysis by the nonpartisan Congressional Budget Office (CBO).

All together, the tax cuts and reforms in the package add nearly $3.8 trillion to the deficit over a decade – though spending reductions in other parts of the bill offset some of that to arrive at the $2.3 trillion figure.

Elon Musk, who ended his tenure last week as Trump’s lead in the Department of Government Efficiency (DOGE), doubled down on his position Tuesday that the House’s reconciliation package was an "abomination."

WHITE HOUSE STANDS BY TAX BILL AFTER MUSK CALLS IT A ‘DISGUSTING ABOMINATION’

"I’m sorry, but I just can’t stand it anymore," Musk posted on X Tuesday. "This massive, outrageous, pork-filled congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it."

The Trump administration and some congressional Republicans have pushed back on the estimates of the bill, also known as the One Big Beautiful Bill Act, and its impact on the deficit, arguing that economic growth from the tax cuts will stimulate economic activity and lead to more tax revenue than what is projected.

SPEAKER JOHNSON CLASHES WITH RAND PAUL OVER 'WIMPY' SPENDING CUTS IN TRUMP'S BILL

"Hope it does a lot to get some further cuts," Rep. Scott Perry, R-Pa., told ӣ��Ƶ about the bill. "We don't want to bankrupt the country. And what Elon also should recognize is we don't need more solar and EV credits. That actually makes it worse. He probably knows that, though."

To push back on the criticism, the White House launched a website where Americans can tabulate how much the bill will personally save them.

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The House passed the One Big Beautiful Bill Act on May 22 with a narrow 215-214-1 vote that went largely along party lines.

If that version of the bill is revised by the Senate, the legislation will have to go back to the House for another vote before it can go to Trump's desk and become law.

Rand Paul says he would support 'big, beautiful bill' if debt ceiling hike removed

Sun, 01 Jun 2025 14:21:55 -0400

Sen. Rand Paul, R-Ky., said on Sunday that he would support President Donald Trump's "big, beautiful bill" if the debt ceiling hike was removed.

Paul told CBS' "Face the Nation" host Margaret Brennan that he and three other Republican senators will hold out against the bill unless it is modified.

"I think there are four of us at this point, and I would be very surprised if the bill at least is not modified in a good direction," Paul said.

"I want the tax cuts to be permanent. But at the same time, I don't wanna raise the debt ceiling five trillion," he continued, adding, "The GOP will own the debt once they vote for this."

SENATE REPUBLICANS EYE CHANGES TO TRUMP'S MEGABILL AFTER HOUSE WIN

Trump on Saturday warned Paul would be "playing right into the hands of the Democrats" if he votes against the bill.

"If Senator Rand Paul votes against our Great, Big, Beautiful Bill, he is voting for, along with the Radical Left Democrats, a 68% Tax Increase and, perhaps even more importantly, a first time ever default on U.S. Debt," Trump wrote on Truth Social Saturday afternoon.

TRUMP WARNS RAND PAUL HE'S PLAYING INTO 'HANDS OF THE DEMOCRATS' WITH 'BIG, BEAUTIFUL BILL' OPPOSITION

"Rand will be playing right into the hands of the Democrats, and the GREAT people of Kentucky will never forgive him! The GROWTH we are experiencing, plus some cost cutting later on, will solve ALL problems. America will be greater than ever before!"

Next week, Senate Republicans will get their turn to parse through the colossal package and are eying changes that could be a hard sell for House Speaker Mike Johnson, R-La., who can only afford to lose three votes.

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Congressional Republicans are in a dead sprint to get the megabill — filled with Trump’s policy desires on taxes, immigration, energy, defense and the national debt — onto the president’s desk by early July.

ӣ��Ƶ Digital's Brie Stimson and Alex Miller contributed to this report.

Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog

Thu, 29 May 2025 14:48:59 -0400

With Elon Musk's departure from the agency, there's debate roiling over how effective the Department of Government Efficiency's (DOGE), has been in its mission.

In a report released just one day prior to Musk stepping down, financial watchdog Open The Books published a report finding it is likely impossible for the average American taxpayer to track the savings associated with the contracts and grants that were terminated by the DOGE team.

According to Open The Books' analysis, which mined all the data published on DOGE's official website, the average American taxpayer would likely only be able to confirm 42% of contracts and 27% of grants through an independent review of public federal spending databases.

"This doesn’t mean these targets aren’t real, it simply means it’s very hard for taxpayers who want to see additional savings to find proof and evidence of savings," Open The Books points out in its analysis, shared in a report the group released Tuesday.

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"Because taxpayers don’t have access to real-time transparency and a real-time look at the Treasury Payment System, it’s still too difficult for even a highly motivated Joe Taxpayer to confirm the savings claims DOGE is making," the analysis, released ahead of Elon Musk stepping down from running the agency, continued. "It’s also far too easy for critics to sew [sic] doubt and confusion."

DOGE says on its website that the group's work up to this point has provided the American taxpayer with $175 billion in "estimated" savings from the elimination of contracts, grants and leases, as well as through renegotiations, fraud and improper payment deletion and other mechanisms.

However, DOGE's estimated savings have been contested by watchdog groups and budget experts. Such critics have posited that the inclusion of already canceled contracts, double-counting or misrepresentation of contract values, and the unaccounted cost burden that could be imposed on the government when it has to re-hire folks down the line, or revamp its productivity, due to DOGE cuts, have led to inflated savings estimates.

Nate Malkus, a senior fellow at the conservative-leaning American Enterprise Institute, has accused DOGE of "overestimating contracts by a factor of two," according to CBS News.

ELON MUSK 'DISAPPOINTED' BY TRUMP'S SPENDING BILL, SAYS IT UNDERMINES WHAT DOGE IS DOING

But White House spokesperson Harrison Fields told ӣ��Ƶ Digital that DOGE has produced "historic savings" for the American people.

"DOGE is working at record speed to cut waste, fraud, and abuse, producing historic savings for the American people," Fields said. "The DOGE Wall of Receipts provides the latest and most accurate information following a thorough assessment, which takes time. Updates to the DOGE savings page will continue to be made promptly, and departments and agencies will keep highlighting the massive savings DOGE is achieving."

"DOGE and Elon Musk have done the country an incredible service by identifying savings targets," added Open The Books CEO John Hart. "Having worked on the last major deficit commission with the late Senator Tom Coburn, we would have been elated to have had Musk in our corner. Now it's up to Congress to not only turn DOGE's recommendations into durable savings but to go beyond DOGE's scope and truly tackle our long-term debt and deficit crisis."

Open The Books highlighted two "common sense" standards to help establish an "intellectually honest" approach to understanding the true impact of government cuts, such as those being recommended by DOGE.

The first is the "durable standard," which asks whether a proposed cut can be easily reversed.

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"Describing something as ‘durable’ does not mean it is permanent or irreversible; it simply means it is hard to reverse," the Open The Books' analysis stated. "The most durable budget cut in our constitutional system would be passed by Congress, signed into law by the president and be clearly constitutional, or unassailable in a court challenge. Budget cuts become less durable when they lack any of these three elements."

The second is called a "duty standard," which illuminates the power behind certain cuts based on who is trying to impose them.

"In our constitutional system, the founders gave the job of budget savings to three branches but primarily to Congress," Open The Books points out. "DOGE’s job is to identify, not enact, savings targets. It’s up to Congress to do the heavy lifting. And We the People have a responsibility to be informed and hold our elected officials accountable."

WHITE HOUSE SENDING $9.4B DOGE CUTS PACKAGE TO CONGRESS NEXT WEEK

Open The Books ultimately concluded that due to various limitations associated with publicly available data on government spending and revenue, in particular a lack of real-time access to the government's Treasury Payment System, it is still too difficult for even the most motivated average American citizen to either confirm, or deny, the savings claimed by DOGE.

Elon Musk officially stepped down from his role as DOGE chief Wednesday evening, as his position of "special government employee" in the Trump administration was limited by law to a few months. Amid the transition, Musk criticized Republicans' spending bill that was passed ahead of Memorial Day in the House, indicating he was "disappointed" it would increase the federal deficit.

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"I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it, and undermines the work that the DOGE team is doing," Musk told CBS News in an interview that will air in full on June 1.

DAVID MARCUS: Musk’s DOGE changed the way America sees federal spending waste

Thu, 29 May 2025 12:31:54 -0400

The moment that Elon Musk’s most ardent critics have been waiting for has finally arrived as he exits the Trump administration and hands over control of the Department of Government Efficiency. They will assure us that the results have been an embarrassing failure, but they could not be more wrong.

Musk has forever changed how Americans look at federal spending, and that is a wonderful thing.

WHAT'S NEXT FOR DOGE AFTER ELON MUSK'S DEPARTURE? 'ONLY JUST BEGUN'

First of all, DOGE estimates that it has saved taxpayers $160 billion. A sneering NPR claims that there is only data to prove $63 billion, but even if that is true, that’s an enormous amount of waste being cut.

Was Musk shooting for a higher number? Sure. This is, after all, a guy who is literally trying to get to Mars. But the savings DOGE has already found and will continue to find until it sunsets in July of next year are nothing to sneeze at.

The impact of Musk and DOGE also goes well beyond the mere grand total dollar figure. It is the speed with which they identified wasteful spending and the absurdity of many of the programs they uncovered and cut that has proven to be a game-changer.

Who can forget the discovery that we gave a former Taliban member $132,000 to promote peace, or $20 million for Sesame Street to be broadcast in Iraq, along with boatloads of dollars for Diversity, Equity and Inclusion programs throughout our government and around the globe?

Over the first 60 days of the Trump administration, it seemed like every hour some new and ridiculous spending was being identified. What Americans had felt as a vague sense that the federal government is wasteful became one concrete example after another of blatant and frivolous waste.

These revelations have moved the Overton window in American discourse around spending. We will no longer accept blue-ribbon commissions with no power studying the problem for years on end, only to do nothing. We want action now.

And while DOGE still requires approval from cabinet secretaries to finalize its cuts, they have generally been willing and able to do so.

Musk and DOGE have also shown that it is OK to make mistakes when zealously safeguarding the taxpayer’s dime, because errors can be quickly fixed.

For example, when funding for the National Fire Academy in Emmitsburg, Md., was cut early in the administration, officials appealed to Homeland Security Secretary Kristie Noem, who recognized the importance of the program which trains100,000 firefighters a year. Funding was restored.

Slashing federal spending is not like a haircut. You can put back things that are wrongly cut, so there is no reason to be paralyzed by fear when trimming.

Perhaps more than anything else, what Musk has succeeded in doing with DOGE is to open up the hood of federal spending and give us all a sobering look at the engine.

This is very similar to what he did when he bought Twitter and allowed journalists to produce the Twitter Files, revealing many shady secrets that proved the platform had been harshly censoring conservative viewpoints.

This kind of radical transparency is anathema to a deep state that demands to be like a black box, where our money flows in, never comes out, and we don’t get to look inside.

Bureaucrats have clearly been treating the federal budget like a slush fund for all manner of pet projects and silly endeavors, and boy do they hate having any light exposed on their massive contracts to export condoms everywhere or study trans animals.

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For decades, federal spending has been like a giant Rock of Gibraltar that nobody could get their arms or heads around. But now, instead of focusing on the gigantic forest of spending, Musk has found ways to identify the dying trees.

It is natural that Musk and his supporters feel some measure of disappointment that more could not have been cut, and that some Republicans in Congress don’t seem eager to codify cuts to what has been found. But politics is, as they say, the art of the possible.

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Today, thanks to Musk, there are far more possibilities out there, far more programs that bring little value to be exposed, far more opportunity for the American people to see the senseless spending in black and white.

Finally, and it's an important point, federal bureaucrats, the people who spend our money, suddenly have to look over their shoulder and be prepared to justify that spending, and when they glance up to see who is peeking at their work, it's not just Musk, it's not just DOGE, it is the American people.

CLICK HERE TO READ MORE FROM DAVID MARCUS

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