The Republicans’ $3 Trillion Vanishing Act
The Daily
07/02/25
•27m
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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.
Guest:
- Andrew Duehren, who writes about tax policy for The New York Times from Washington.
- Colby Smith, a New York Times reporter covering the Federal Reserve and the U.S. economy.
Background reading:
- The Senate bill would add at least $3.3 trillion to the national debt, the budget office says.
- The bill puts the nation on a new, more perilous fiscal path.
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Photo: Ken Cedeno/Reuters
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Previous Episode
Steve Bannon’s Battle for the Soul of MAGA
July 1, 2025
•33m
Warning: This episode contains strong language.
From the outside, the political movement created by Donald J. Trump has never seemed more empowered or invulnerable.
But Steve Bannon, who was the first Trump administration’s chief strategist, sees threats and betrayals at almost every turn, whether it’s bombing Iran or allowing tech billionaires to advise the president.
Jeremy W. Peters, a national reporter at The Times, talks to Mr. Bannon about those threats and why, to him, the future of the MAGA movement depends on defeating them.
Guest: Jeremy W. Peters, a national reporter for The New York Times.
Background reading:
- Steve Bannon said he told President Trump to investigate Elon Musk as an “illegal alien.”
- The president’s supporters are warring over two dueling campaign promises: to steer clear of foreign wars and to prevent Iran from acquiring a nuclear weapon.
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Photo: Maansi Srivastava for The New York Times
Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.
Next Episode
The Sean ‘Diddy’ Combs Verdict
July 3, 2025
•27m
After a eight-week trial whose every turn has grabbed headlines, a jury found Sean Combs, the music mogul known as Diddy, not guilty of the most serious charges against him.
Ben Sisario, who has been covering the trial, explains why the prosecution’s case fell short, and Jodi Kantor, an investigative reporter at The Times, discusses what the verdict may tell us about how prosecutors and juries see sexual abuse cases.
Guest:
- Ben Sisario, a reporter for The New York Times covering music and the music industry.
- Jodi Kantor, a New York Times reporter whose job is to carefully uncover secrets and illuminate how power operates.
Background reading:
- The music mogul was convicted of arranging for the travel of male escorts across state lines but acquitted of sex trafficking and racketeering conspiracy.
- After the verdict, the testimony of Cassie and “Jane” lingers.
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Photo: Shareif Ziyadat/Getty Images for Sean "Diddy" Combs
Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.
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