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The Latest Breaking News from CBO

Elon Musk is on a national debt crusade after slamming Trump's spending bill

Jamie Dimon, Warren Buffett, Ray Dalio, Jerome Powell—and now Elon Musk, are all sounding the alarm on America's national debt.

Fortune

It's Rand Paul and Elon Musk vs. Donald Trump Over the 'Big Beautiful Bill'

Paul said he refuses to support "maintaining Biden spending levels," and Musk said the Trump-backed tax bill is "a disgusting abomination."

Reason

‘The best healthcare is a job’: Senator John Thune sparks outrage as he shrugs off Medicaid cut concerns to push Trump’s megabill

The CBO approximates 4.8 million will be kicked out of Medicaid.

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Elon Musk leaves a mess for Trump and Mike Johnson with DOGE exit

ANALYSIS: Analysis: Musk’s deficit comments give conservatives the political cover they’d need to defy Trump and the White House, writes John Bowden

The Independent UK

Checking the math on White House, GOP claims about ‘Big Beautiful Bill’ - Roll Call

Republicans say the 'big beautiful bill' will reduce the deficit, but economists say making the tax cuts permanent will do the opposite.

Roll Call

Trump is going to get 'punched in the face' by markets if he pushes through spending bill without a plan for national debt and tariffs, says Wharton professor

Republicans argue that growth is the best way to rebalance America’s books, but economists fear that tax cuts may be the final nail in the coffin for national debt.

Fortune

‘Freeloaders’: House Speaker Mike Johnson’s mask slips as he casually admits wanting Americans in ‘every district’ to lose their Medicaid

Johnson seems entirely comfortable with the idea of his constituents losing coverage.

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Top Republicans threaten to block Trump’s spending bill if national debt is not reduced

Prominent US senators warn Trump to ‘get serious’ about addressing budget deficit or they will block ‘beautiful bill’

The Guardian - US

Republican cuts to food and health benefits ‘will kill’, advocacy groups warn

Provisions in Trump’s ‘beautiful bill’ include plans to cut billions of dollars in food and health benefits to the poor

The Guardian - US

Tax Reconciliation Bill Could Trigger $500 Billion in Mandatory Medicare Cuts

The deficits caused by the tax bill would trigger the Statutory Pay-As-You-Go Act of 2010 and force billions in cuts to Medicare. However, Congress can block the implementation of the cuts.

Kiplinger

Trump’s ‘big, beautiful’ spending bill, from tax cuts to mass deportations

All the key points laid out in the US president’s House-approved sweeping bill as it awaits Senate consideration

The Guardian - US

Trump's Prescription Price Controls Would Lead to Fewer New Drugs

The executive order is likely unconstitutional, but if implemented as written, it would be detrimental to the American health care market.

Reason

The new Trump-led tax bill promises an American ‘golden age’ – that conveniently ends with his presidency

Tax relief contained within One Big Beautiful Bill Act would expire when president leaves office – what happens then?

The Guardian - US

To save Trump’s ‘one big, beautiful bill,’ Republicans disregard the math

ANALYSIS: Analysis: The leadership doesn’t like the debt-exploding numbers of Donald Trump’s proposal exposed by the Congressional Budget Office, Eric Garcia writes

The Independent UK

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Space

U.S. Space Force general to lead Trump's $175 billion Golden Dome space defense program

U.S. President Donald Trump unveiled a plan for his ambitious "Golden Dome" missile defense shield this week, stating it will cost $175 billion and take some three years to develop.

Reason

The GOP Tax Bill Will Add $2.3 Trillion to the Deficit, CBO Says

That total could double if temporary provisions in the bill become permanent, as is likely to happen.

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Congress exposes Trump’s $3.8 trillion deficit that helps the rich and makes ‘children go hungry’

Even Congress isn't falling for this.

Fortune

Trump warns Republicans not to 'f— around' with Medicaid because he knows it's political suicide for MAGA

The GOP caucus is still divided on how deeply to cut public programs in order to achieve trillions in tax cuts.

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Trump revives Reagan’s ‘Star Wars’ dreams with $175B ‘Golden Dome’ missile defense

It feels like the death star.

Al Jazeera

Trump’s ‘big, beautiful bill’ at a crucial juncture

The bill proposes sweeping changes, including Trump’s 2017 tax cuts and enacting deep cuts to social programmes.

Roll Call

GOP leaders try to keep Friday reconciliation markup on track - Roll Call

House Republicans’ “big, beautiful” reconciliation bill has a Texas-sized problem as it heads to the Budget Committee for a Friday markup.

Latin Times

AOC Posts Two-Word Response as CBO Projects Millions Could Lose Medicaid Under GOP Proposals: 'Told Ya'

AOC reacted to a report by the Congressional Budget Office showing that several Republican-backed Medicaid policy options could result in millions of Americans losing health coverage.

Roll Call

Conservatives chafe at taking Medicaid savings options off table - Roll Call

House GOP leaders’ decision to step back from two pathways to major Medicaid cost savings has fueled contempt with hard-line conservatives.

Evening Standard

Viral M&S shoplifter jailed and banned from City of London for five years

Duane Moss repeatedly targeted the same M&S Food store on High Holborn.

Reason

Trump Wants Lower Interest Rates. The Market Disagrees.

Even if the Fed tried to cut rates, inflation, investor reluctance, and a $25 trillion borrowing spree could keep them elevated for years.

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