Overview

• The national debt has climbed past $36 trillion and the House’s ‘One Big Beautiful Bill Act’ is projected to add about $2.5 trillion more over the next decade.
• Jamie Dimon cautions that this mounting debt could trigger a ‘crack’ in the bond market within six months to six years, widening credit spreads and raising borrowing costs for small businesses and consumers.
• Treasury Secretary Scott Bessent rejects Dimon’s forecast, arguing that tariff revenues and spending measures will drive deficits down by 2028.
• Moody’s downgraded the US credit rating last month over elevated debt and interest-payment ratios, and analysts warn that Section 899 of the pending bill could prompt capital outflows by taxing foreign investors.
• Dimon calls for pro-growth reforms—including deregulation, permitting overhaul and improved workforce training—to contain deficits and shore up bond-market stability.