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The Latest Breaking News from Deficit

Elon Musk Supports Warren Buffett’s Idea to Ban All Members of Congress from Re-election if the Deficit Exceeds 3% of U.S. GDP

Buffett and Musk back a proposal barring Congress from reelection if the deficit exceeds 3% of GDP, sparking bipartisan debate on spending.

Barchart

Republican Lawmaker Insists His Party is 'Stuck' Trying to Pass Trump's 'Big, Beautiful Bill' Despite Being Against Raising the Deficit

Texas Rep. Pete Sessions admitted Republicans feel forced to back Donald Trump's costly reconciliation bill despite concerns about raising the deficit.

Latin Times

Pope Leo XIV Ushers in Era of Cautious Reform as Vatican Faces £66m Deficit

Pope Leo XIV, the first US pontiff, takes a cautious, listening-first approach, sidestepping Francis' bold style. Can he unify a divided Church and fix Vatican finances?

International Business Times UK

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Half of London boroughs face bankruptcy over schools funding crisis

Sixteen of the capitals 33 local authorities have said they face ‘severe budget deficits’ totalling £500million next year over school funding shortfalls

Evening Standard

The 'Big Beautiful Bill' Will Add $2.4 Trillion to the Deficit

That total will rise to about $3 trillion once the interest costs of more borrowing are included.

Reason

Trump "furious" with Musk

Musk has criticized the Trump-backed "Big Beautiful Bill," noting it would expand the federal deficit

Salon

CBO sees lower deficits from tariffs, but with big caveats - Roll Call

The analysis came before federal court decisions on tariffs last week and doesn’t account for potential changes to tariff policy.

Roll Call

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CBO pegs 'big, beautiful' bill price tag at $2.4T - Roll Call

The House GOP budget bill would increase deficits and result in nearly 11 million individuals losing access to health insurance, CBO found.

Roll Call

Elon Musk is on a national debt crusade after slamming Trump's spending bill

Jamie Dimon, Warren Buffett, Ray Dalio, Jerome Powell—and now Elon Musk, are all sounding the alarm on America's national debt.

Fortune

Trump issues travel ban barring US entry from 12 countries and signs order restricting student visas at Harvard – as it happened

Order also restricts entries from seven other countries, as separate proclamation bars students from obtaining visas to enter country to attend Harvard

The Guardian - US

Musk calls spending bill "disgusting"

Musk expressed his distaste with the GOP-led spending bill, which could raise the federal deficit by trillions

Salon

Elon Musk calls Trump’s ‘big, beautiful’ tax bill a ‘disgusting abomination’

The former head of Doge said the ‘outrageous’ tax bill would cause the deficit to grow to $2.5tn

The Guardian - US

Treasury head Scott Bessent says Jamie Dimon should relax about the bond markets: ‘For his entire career he’s made predictions…none of them have come true’

Rising interest rates on U.S. debt seem to back up Dimon’s concern about government spending, but the Treasury secretary says it’s not as bad as it seems.

Fortune

Analysis: What went wrong at Red Bull before Max Verstappen clashed with George Russell

Max Verstappen’s deficit to Oscar Piastri nearly doubled in Barcelona. With three additional penalty points, he also faces the threat of a race ban. What has gone wrong? Here is a look at Verstappen’s clash with George Russell and Red Bull’s mistakes that preceded it.

Motorsport

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Roll Call

A look at key flashpoints in the coming Senate reconciliation debate - Roll Call

A look at key flashpoints in the coming Senate reconciliation debate - Uncategorized

Autosport

Analysis: What went wrong at Red Bull before the Verstappen-Russell clash

International Business Times UK

Investors Follow Warren Buffett to Ramp Ultrashort Treasury Bets as Longer-Term Bills Face Volatility

Investors are piling cash into short-term US T-bills with stable yields as market jitters driven by tariffs and federal deficits affect the long end outlook.

The Guardian - US

Trump’s tax bill helps the rich, hurts the poor and adds trillions to the deficit

The ‘big, beautiful bill’ has reaffirmed that a pledged golden age is really just a windfall for the uber-wealthy

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The Independent UK

Elon Musk leaves a mess for Trump and Mike Johnson with DOGE exit

ANALYSIS: Analysis: Musk’s deficit comments give conservatives the political cover they’d need to defy Trump and the White House, writes John Bowden

International Business Times UK

Trump Tries to Tame DOGE with 'Big, Beautiful Bill'—But the Court Says Musk Still Runs the Show

Elon Musk voiced disappointment with the 'One Big Beautiful Bill Act,' a Trump-backed Republican spending bill, citing its projected £2.8 trillion deficit increase by 2034.

Roll Call

Checking the math on White House, GOP claims about ‘Big Beautiful Bill’ - Roll Call

Republicans say the 'big beautiful bill' will reduce the deficit, but economists say making the tax cuts permanent will do the opposite.

The Independent UK

F1 title gamechanger? Spanish GP awaits impact of new flexi-wing rule

McLaren’s advantage is substantial, but their rivals will hope a new regulation can narrow the deficit

The Guardian - AU

One Nation claims WA Senate seat – as it happened

This blog is now closed

AAP

Liberal debt to double, state companies face sell-off

A state government is hanging its hat on potential asset sales and a public sector "efficiency unit" as means to pay down ballooning budget debt.

Salon

Musk "disappointed" by GOP spending plan

In an interview released Tuesday night, Musk complained that the bill would increase the federal deficit

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