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The Daily

The Republicans’ $3 Trillion Vanishing Act

The Daily

The New York Times

Daily News, News

4.4102.8K Ratings

🗓️ 2 July 2025

⏱️ 27 minutes

🧾️ Download transcript

Summary

With a tiebreaking vote from Vice President JD Vance, the Senate has adopted President Trump’s giant domestic policy bill, which now heads back to the House for a final vote. The legislation is defined by the staggering amount of debt it will create: more than $3 trillion. Andrew Duehren, who covers tax policy, and Colby Smith, who covers the economy, talk about how Republicans have rewritten the rules to make that debt vanish, and why the world is less and less convinced that the United States can handle its debts.

Transcript

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0:00.0

From New York Times, I'm Michael Bavarrow. This is the Daily.

0:11.2

On this vote, the yeas are 50, the nays are 50. The Senate being evenly divided, the vice

0:17.8

president votes in the affirmative. The bill as amended is passed.

0:22.6

With a tie-breaking vote from Vice President Vance,

0:25.6

the U.S. Senate has adopted President Trump's giant domestic policy bill,

0:30.6

which now heads back to the House of Representatives for a final vote.

0:35.6

The legislation is defined by the staggering amount of debt that it's creating,

0:41.9

more than $3 trillion.

0:45.3

Today, I speak with my colleague, Andy Duren,

0:49.5

about how Republicans have rewritten the rules to try to make all of that debt vanish.

0:56.3

And to Colby Smith about why, despite that slight of hand,

1:01.5

the world is less and less convinced that the United States can handle its current deaths.

1:21.4

Music current deaths. It's Wednesday, July 2nd.

1:28.1

Andy, welcome to have a show.

1:30.1

Thanks for having me.

1:31.5

So President Trump's big, beautiful bill, which is now in the hands of the U.S. House of Representatives, does a lot of things.

1:39.8

It extends and broadens Trump's 2017 tax cuts.

1:43.0

It increases spending on border security, makes

1:46.7

deep cuts to Medicaid, slashes food benefits for the poor, all of which we will cover on the show

1:52.6

if this becomes law. But we wanted to talk to you about its impact on the U.S. national debt,

1:59.3

an extremely controversial feature of this bill,

2:03.2

because you have been reporting on an effort

...

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