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The Latest Breaking News from Deficit

The 'Big Beautiful Bill' Will Require Even More Borrowing Than Previously Thought

After accounting for the dynamic effects of the Trump-backed tax bill, the CBO concludes it will add $2.8 trillion to the deficit over 10 years.

Reason

Japan records trade deficit as exports suffer from Trump's tariffs

Japan has reported its exports fell in May as shipments of autos to the U.S. dropped nearly 25% from a year earlier due to higher tariffs imposed by President Donald Trump

The Independent UK

Over half of English councils face insolvency under £5bn deficit, MPs warn

Public accounts committee calls on government to urgently address deficit on high needs spending hitting at end of financial year

The Guardian - UK

From analysis to the latest developments in health,
read the most diverse news in one place.

GOP Lawmaker Declares He's 'Not Voting for a Bill That Grows Deficits' in Critique of Trump's 'Big, Beautiful Bill'

A Republican lawmaker went against his party, stating that he will not vote for the "one big, beautiful bill" due to the deficits it will create if passed.

Latin Times

The Tiger Woods story that inspired JJ Spaun to US Open glory

Spaun produced a remarkable turnaround in the final round to recover from a four-shot deficit at the halfway point

The Independent UK

Gilgeous-Alexander blows up late as Thunder see off Indy to level NBA finals

The Thunder stormed back from a 10-point second-half deficit to beat the Pacers 111–104 on Friday night, evening the NBA finals at two games apiece

The Guardian - US

Councils in England warn of mass bankruptcies as Send deficits soar

Local authorities say a £5bn shortfall in special needs funding could leave dozens effectively insolvent within months

The Guardian - UK

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Oilers Make Stanley Cup Final History in Stunning Comeback Win vs. Panthers

The Oilers erased a 3–0 deficit to stage a historic comeback in Game 4 of Stanley Cup Final.

Sports Illustrated

Trump’s policies could have a major impact on your credit score. Here’s how

President Donald Trump’s “One Big Beautiful Bill” would likely add trillions to the country’s deficit and drive up interest rates.

The Independent UK

Dollar Falls with Bond Yields on a Dovish US CPI Report

The dollar index (DXY00 ) Wednesday fell by -0.43%. The dollar erased an overnight rally and turned lower after Wednesday’s Fed-friendly US May CPI report bolstered expectations for the Fed to cut interest rates later this year. Also, the wider-than-expected US May federal budget deficit was bearish for the dollar...

Barchart

Bessent, House Democrats spar over budget package's debt boost - Roll Call

Democrats questioned Treasury Secretary Scott Bessent over the effect of Republicans’ “big, beautiful” reconciliation bill on the debt.

Roll Call

Why Can't Elon Musk and Donald Trump Both Win?

In a petty, public war of words, Trump threatens to cut off federal support to Musk's companies after the billionaire attacked his deficit-busting budget bill.

Reason

Thunder Make Abysmal NBA History With Devastating Game 1 Stat In Loss

Oklahoma City had a stat edge that no NBA playoff team had lost with before.

Sports Illustrated

Trump's Tax-Cut Bill Would Leave 11M More People Uninsured in 10 Years, Bump Federal Deficit by $2.4T

US President Donald Trump's tax cut bill could increase the federal deficit by trillions of dollars and strip 11 million Americans of health insurance coverage, primarily Medicaid, through 2034.

International Business Times UK

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Barchart

Elon Musk Supports Warren Buffett’s Idea to Ban All Members of Congress from Re-election if the Deficit Exceeds 3% of U.S. GDP

Buffett and Musk back a proposal barring Congress from reelection if the deficit exceeds 3% of GDP, sparking bipartisan debate on spending.

Latin Times

Republican Lawmaker Insists His Party is 'Stuck' Trying to Pass Trump's 'Big, Beautiful Bill' Despite Being Against Raising the Deficit

Texas Rep. Pete Sessions admitted Republicans feel forced to back Donald Trump's costly reconciliation bill despite concerns about raising the deficit.

International Business Times UK

Pope Leo XIV Ushers in Era of Cautious Reform as Vatican Faces £66m Deficit

Pope Leo XIV, the first US pontiff, takes a cautious, listening-first approach, sidestepping Francis' bold style. Can he unify a divided Church and fix Vatican finances?

Evening Standard

Half of London boroughs face bankruptcy over schools funding crisis

Sixteen of the capitals 33 local authorities have said they face ‘severe budget deficits’ totalling £500million next year over school funding shortfalls

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Reason

The 'Big Beautiful Bill' Will Add $2.4 Trillion to the Deficit

That total will rise to about $3 trillion once the interest costs of more borrowing are included.

Salon

Trump "furious" with Musk

Musk has criticized the Trump-backed "Big Beautiful Bill," noting it would expand the federal deficit

Roll Call

CBO sees lower deficits from tariffs, but with big caveats - Roll Call

The analysis came before federal court decisions on tariffs last week and doesn’t account for potential changes to tariff policy.

Roll Call

CBO pegs 'big, beautiful' bill price tag at $2.4T - Roll Call

The House GOP budget bill would increase deficits and result in nearly 11 million individuals losing access to health insurance, CBO found.

Fortune

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.

The Guardian - US

Trump issues travel ban barring US entry from 12 countries and signs order restricting student visas at Harvard – as it happened

Order also restricts entries from seven other countries, as separate proclamation bars students from obtaining visas to enter country to attend Harvard

Salon

Musk calls spending bill "disgusting"

Musk expressed his distaste with the GOP-led spending bill, which could raise the federal deficit by trillions

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