Why Wall Street Is Raising the Alarm Over U.S. Debt

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 3 June 2025

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for June 3. As the U.S. debt grows—and with the “big, beautiful” spending bill set to push it even higher—some on Wall Street are warning that the debt level might soon be unsustainable. And, though it’s not the first time we’ve heard such warnings, WSJ investing columnist Spencer Jakab joins to discuss why this time they’re worth listening to. Plus, Elon Musk criticizes President Trump’s tax-and-spending bill, calling it a “disgusting abomination.” And the White House sends a $9.4 billion rescissions package to Congress codifying cuts identified by Musk’s Department of Government Efficiency. WSJ reporter Jasmine Li talks about what the package includes, and the president’s broader goal behind it. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:27.2	your credit. Terms and conditions apply.
0:33.3	Elon Musk calls Trump's Big Beautiful Bill a disgusting abomination as the president seeks
0:39.1	Congress's approval for doge cuts.
0:41.7	Plus, why now is the time to listen to Wall Street's alarm over the U.S. debt?
0:46.5	Just the interest on the existing debt, not any debt that's going to be accrued in the future,
0:51.6	is about $1 trillion a year.
0:53.9	That's more than the defense budget.
0:55.6	That's more than Medicaid and food stamps and disability insurance all rolled together.
1:01.0	And Israeli troops fire at Palestinians heading to an aid distribution site in Gaza.
1:06.6	It's Tuesday, June 3rd. I'm Alex O'Sullough for the Wall Street Journal.
1:10.2	This is the PM edition of What's News, the 3rd. I'm Alex O'Sullough for the Wall Street Journal. This is the PM edition
1:11.8	of What's News, the top headlines and business stories that move the world today.
1:18.6	Former White House cost-cutting czar Elon Musk called President Trump's big, beautiful, tax and spending
1:24.4	package, a, quote, disgusting abomination. Posting on his ex-social
1:28.9	media platform, Musk wrote, quote, shame on those who voted for it. You know you did wrong.
1:34.9	Musk's latest criticism of the bill comes as the Senate is trying to quickly pass the measure,
	...

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