Particle.news

Download on the App Store

Treasury Secretary Warns of Financial Crisis as Senate Debates Trump’s ‘One Big Beautiful Bill’

Lawmakers are negotiating adjustments to social program cuts to secure enough Republican votes before the July 4 deadline.

Image
Rep. Marjorie Taylor Greene, R-Ga., talks with reporters outside the Capitol Hill Club after a meeting of the House Republican Conference on Tuesday, June 10, 2025.
Image

Overview

  • Treasury Secretary Scott Bessent warned Congress that failing to pass the package could trigger a financial crisis the likes of which haven’t been seen since 2008.
  • The Congressional Budget Office projects the act would increase the federal deficit by $2.4 trillion over the next decade and add $550 billion in interest costs.
  • Senators Rand Paul and Ron Johnson have voiced fiscal objections, setting up a showdown with leadership over the bill’s spending cuts and tax extensions.
  • The national debt stands at $36 trillion, and annual interest payments on that debt reached $1.1 trillion in 2024.
  • A recent Economist/YouGov poll finds 56% of Americans agree the legislation will significantly increase the deficit following Elon Musk’s criticism.