Federal Budget - Rocky Mountain Voice

OMB Director Russell Vought: If Trump’s bill fails, expect recession and 60% tax increase

Fox News, Approved, National / June 10, 2025 / CBO, Economic Forecast, Federal Budget, Fiscal Policy, OMB, Partisan Bureaucracy, President Donald J. Trump, Recession, Russell Vought, Tax cuts, White House

The White House is challenging the nonpartisan Congressional Budget Office’s assessment that President Donald Trump’s sweeping tax and spending package will raise the federal deficit by trillions of dollars throughout the next decade.

The national debt, currently $36.2 trillion, tracks what the U.S. owes its creditors, while the national deficit measures how much the federal government’s spending exceeds its revenues. So far, the federal government has spent more than $1 trillion more than it has collected this fiscal year, according to the Department of the Treasury.

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Chai: Big lies about the Big Beautiful Bill? Miller says facts say otherwise

They often say light is the best disinfectant, and whomever “they” are, they’re right.

In a related note, it’s pretty clear that most Americans — this writer included — are in the complete dark about the “Big Beautiful Bill” that keeps making the headlines.

If you were to consume your news exclusively from the establishment (my sincerest condolences if that’s the case), you would think the bill was some sort of hypothetical bogeyman, a looming Sword of Damocles over the U.S. economy.