Ro Khana: Republicans Passed a Budget That Would Add $3.8 T to the Existing Deficit Over the Next 10 Years, Almost Unprecedented

RUSH TRANSCRIPT:
SHARPTON: “So basically your your your view is that he’s throwing out these tariffs to cover up for the fact that he’s selling the steel steel plants, U.S. steel to nippon. But staying with Wall Street’s response to Trump’s actions, analysts are warning that his big, beautiful bill could have a big, ugly impact on U.S. markets by adding trillions to the national debt, mostly to pay for his tax cuts, and his reported that some in the finance world are worried the cost of the bill could disturb the us bond market with possible global consequences. Of course, the White House says these warnings have been exaggerated. What do you think?”

KHANA: “Well, I’m glad you point this out because it is a completely reckless budget, and this is the last time any Republican should lecture us about debt or deficit. We have a $36 trillion debt. We have a $2 trillion yearly deficit. President Biden had a plan to bring down that deficit by about $1 trillion a year, to move us back to having deficits not be more than 4% of GDP. The Republicans just passed a budget that would add $3.8 trillion over the next 10 years to the existing 2 trillion deficit we have, taking the deficit to GDP ratio to 8%, almost unprecedented, not in wartime. And this is why you see the bond market reacting. It’s the most reckless economic policy of any modern administration.”