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The Latest Breaking News from Deficit

Peter Schiff Says Trump's Tax Cuts 'Won't Grow The Economy.' Instead, He Warns They'll Lead To Higher Interest Rates And Inflation

Economist and market commentator Peter Schiff is cautioning against President Donald Trump's latest tax and spending package, saying it could do more harm than good for the U.S. economy.

Benzinga

15 EU countries allowed to violate deficit limit for defence spending

The European Commission is hoping measures it rolled out in March could see €800 billion invested into defence before the end of the decade.

Euronews

Trump plans to delay tariff start to August 1 as he announces 25% levy for Japan and South Korea

Bizarre letters cite ‘unsustainable’ trade deficits with two of America’s most important allies and trading partners

The Independent UK

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So big, so beautiful: Fox News ignores the critics and champions Trump’s bill

Rightwing network downplays criticism from economists and says bill is ‘packed with massive, huge, important wins’

The Guardian - US

Trump Signs Sweeping Tax And Spending Bill That CBO Says Will Add $3.3 Trillion To US Deficit, Cut Health Coverage For 11.8 Million Americans

On Friday, President Donald Trump signed a sweeping tax and spending bill into law during a July 4 picnic at the White House, touting it as a historic win, even as the Congressional Budget Office projects it will significantly widen the federal deficit and leave millions uninsured.

Benzinga

Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way'

More than a decade ago, Warren Buffett said the national deficit could be solved in just five minutes. His plan? "You just pass a law that says that any time there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection."

Benzinga

Elon Musk revives third party idea after ‘One Big Beautiful Bill’ passes

The billionaire Tesla founder has clashed with President Donald Trump over the bill’s increase to the US deficit.

Al Jazeera

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What is in Trump's tax and spending bill that will soon become law?

The bill is set to massively widen the US’ budget deficit and leave an added 12 million Americans without health insurance.

Euronews

Stocks Rally as US Payroll Report Encourages Economic Optimism

The S&P 500 Index ($SPX ) (SPY ) on Thursday closed up +0.83%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.77%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up +0.99%. September E-mini S&P futures (ESU25 ) rose +0.77%, and September E-mini Nasdaq futures...

Barchart

US Trade Deficit Widens In May As Trump Tariffs Fuel Uncertainty

The US trade deficit widened more than expected in May, with both imports and exports declining as US President Donald Trump's tariffs sent shock waves through the economy and snagged supply chains.

International Business Times

Stocks Rally on the Stronger-Than-Expected US Payroll Report

The S&P 500 Index ($SPX ) (SPY ) today is up +0.63%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.60%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.65%. September E-mini S&P futures (ESU25 ) are up +0.46%, and September E-mini Nasdaq futures...

Barchart

Starmer backs Reeves after chancellor cries in Commons following welfare revolt

Keir Starmer has publicly supported chancellor Rachel Reeves after she was crying and appeared visibly distressed in parliament. Reeves' distress followed government U-turns on welfare reforms, which created a deficit in her budget plans. The welfare reform bill passed only after measures intended to generate long-term savings were removed. Some…

The Independent UK

Gary Black Counterns Elon Musk's Bankruptcy Warning, Says US Debt 'Fairly Low' At 125% Of GDP

Financial analyst Gary Black, the managing partner at the Future Fund LLC, has issued a bold take on the U.S. fiscal health, likening the nation's debt to corporate debt levels and calling it “fairly low.”

Benzinga

Dollar Slips on Trade Uncertainty and Rising US Deficits

The dollar index (DXY00 ) on Tuesday fell by -0.13%. The dollar on Tuesday added to Monday's losses and posted a 3-1/3 year low. The dollar remains under pressure due to uncertainties over US trade policies, with many nations trying to negotiate trade deals with the US before President Trump's...

Barchart

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Kiplinger

Elon Musk and Most Taxpayers Don't Like What's in Trump's 'Big Beautiful Bill'

President Trump is betting big on his newest tax cuts, signed into law on July 4. But not everyone is on board.

The Guardian - US

What’s in Trump’s major tax bill? Extended cuts, deportations and more

Donald Trump’s sweeping legislation boosts the wealthy, funds a border wall and risks $3tn deficit before his term ends

Benzinga

Peter Thiel Says Elon Musk Vision Of A Billion Humanoid Robots In Ten Years Makes All The Hand-Wringing Over Deficits Look 'Unthought-Through'

Billionaire investor Peter Thiel says Elon Musk's plan for "a billion humanoid robots in the U.S. in 10 years" collides with the Tesla chief's alarm over ballooning federal deficits, proof, Thiel argues, that Musk hasn't “thought through" the proposition just yet.

Benzinga

Ray Dalio Says Politicians That Promise Not To 'Raise Your Taxes' Not Aligned With Preventing A 'Big' Debt, Dollar Crisis: 'To Me, That's A Tragedy'

Billionaire investor Ray Dalio is sounding the alarm on what he calls an inevitable “debt/dollar crisis” unless U.S. policymakers confront the country's ballooning fiscal deficit with a mix of tax increases and spending cuts.

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The Guardian - US

Musk vows to unseat lawmakers who support Trump’s sweeping spending bill

Tesla CEO also threatened forming an ‘America Party’ if the bill, which would increase US deficit by $3.3tn, is passed

Reason

Senate's Tax Bill Will Add $270 Billion to the Deficit Next Year, Despite Gimmicks

The House-passed version of the One Big Beautiful Bill Act was fiscally irresponsible. The Senate has made the bill worse.

Barchart

Dollar Slips on Trade Uncertainties and Threats of Soaring Deficits

The dollar index (DXY00 ) is down by -0.20% and posted a 3-1/4 year low. The dollar remains under pressure on uncertainties over US trade policies with many nations trying to negotiate trade deals with the US before President Trump's July 9 deadline. Also, rising deficits are bearish for the...

Benzinga

Elon Musk's Birthday Wish: Kill The Bill Before It Kills The Economy

On June 28, his 54th birthday, Elon Musk didn't post celebratory photos or launch a new product.

The Independent UK

Lando Norris sets sights on British Grand Prix victory after win in Austria

The Briton has reduced the title deficit to Piastri to 15 points ahead of round 12 next week at Silverstone

Benzinga

Is The Bond Market Panic Overblown And Being Driven By Inexperienced Investors? Morgan Stanley Thinks So

President Donald Trump's tariffs have had several unintended effects on the economy, but the unease they have created in the bond market has surprised investors around the globe. The tariffs sparked a bond market sell-off, and there was a second selloff after Congress passed Trump's "big beautiful bill." Concerns over…

The Independent UK

Pope Leo XIV marks feast day as Vatican launches campaign to help erase its $57-68 million deficit

Pope Leo XIV is marking a feast day as the Vatican launches a new campaign to boost donations from the faithful

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