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According to a dynamic analysis of Congress’s Budget Office (CBO), U.S. government bonds are rapidly approaching $37 trillion, with President Donald Trump’s “Big Beautiful Building” projected to raise the fiscal deficit by $2.4 trillion over a decade.
Senators from both parties issued warnings about the incredible debt crisis in an interview with Capitol Hill’s Fox News Digital.
“I’m very deeply concerned about that,” Sen. John Fetterman (D-Pa.) said. “I think it will be part of the next big crisis, where we have to stand up to the debts of our people, so it wasn’t long ago that a trillion couldn’t be considered.
Trump voluntarily imposed a July 4 deadline to sign his “one big beautiful bill.” This includes fulfilling Trump’s major campaign promises through the settlement process, including tax cuts and reforms to immigration, energy and Medicaid.
Magazine Country voters warn “silly” government bonds amid debate over Trump-backed bills
The US government bonds amount to over $36 trillion. (Fox News Digital)
However, R-KY voted for NO and regularly voted for national debt watch badges. Conservative fiscal Hawks, including those threatened to derail the passage when they opposed their contribution to citizen debt.
The Democrat-controlled Budget Office misinterpreted Trump’s big bill, missing out on record savings, the White House says
“It’s time for a tough conversation,” Sen. Katie Britt, Trump’s ally and bill advocate, told Fox News Digital.
She said the US must continue to search for waste, fraud and abuse. This was before a well-documented fallout during Trump, former Trump, who led an effort to cut government spending (DOGE) through government efficiency (DOGE) earlier this year nodded to online enemy Elon Musk.
“When you think about things like Social Security and Medicare, people say they could go bankrupt within the next eight years,” he argues that interest in US debt and mandatory spending on programs like Medicaid accounts for a large part of the pie.
Elon Musk led the Trump administration’s efforts to reduce waste, fraud and abuse in government spending. (Francis Chong/Politico/Bloomberg via Getty Images)
“We need to make sure we are more liable for taxpayer dollars,” Britt added.
Meanwhile, freshman Sen. Bernie Moreno R. Ohio described the US debt crisis as “a moral failure to leave the country to children and grandchildren with this kind of level of debt.”
“$37 trillion debt is unimaginable, right? You have to balance your budget. You need to do that right now. If you don’t, you’re curious to see what happens. [rates] I’m going to go up. Inflation is uncontrolled. That’s really easy,” R-Fla Sen. Rick Scott told Fox News Digital.
R-Wisc. Senator Ron Johnson of the company agreed, “We need to focus on spending, spending, spending. I’ve really broken this drum since I came here, but especially in this administration, we’ve been trying to get back to reasonable pandemic-level spending since January 1st.”
Protesters carry cardboard cas in front of the U.S. Capitol in protest of President Donald Trump’s tax credit and spending reduction package in Washington, DC on Monday, June 30, 2025 (AP Photo/Julia Demaree Nikhinson)
Republicans are leading the charges by eliminating waste, fraud and abuse in government spending, but D-Mass. Senator Ed Markey said “all of these massive tax cuts for American billionaires and billionaires” should be reversed.
Trump’s megaville included an extension of the 2017 Tax Cuts and Employment Act (TCJA) and a new tax cut on tip wages and overtime.
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“We can save trillions of dollars and trillions of dollars that will be wasted in our country by giving these large taxpayers to the richest,” Markey said.
Deirdre Heavey is a political writer for Fox News Digital.
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