"The congressional budget bill has become the most bloated bill to ever waddle and slide through congress." [updated]

UPDATE: David Stockman, Reagan's former Budget Director: "During his first term in the Oval Office, Trump added nearly $8T to government debt. That was more than 43 presidents had combined to accumulate during the first 216 years of the Republic."

 "There is only one explanation [now] as to how the so-called conservative party looked 10-year baseline deficits of $22 trillion straight in the eye, yet then genuflected to the King of Debt and voted to add $5 trillion more red ink on top.

    "Or even more egregiously, GOP policy-makers were was told by CBO that the current fiscal path of 17% of GDP in revenues and 24% of GDP in spending will generate a catastrophic public debt of $130 trillion by mid-century. But that apparently made no never mind at all as they voted to pile on another $50 trillion, anyway—thereby insuring an eventual end-of-days financial conflagration.
    "To wit, these GOP pols sure as hell knew better, but were simply buffaloed and monkey-hammered into an act of fiscal insanity by the bellicose economic ignoramus who occupies the Oval Office. And while we are at it, let’s leave nothing to doubt: The four main planks of Trump-O-Nomics amount to a recipe for an economic Demolition Derby.
    "We are referring to catastrophic public debts, a renewed print-a-thon at the Fed, an insane Tariffpalooza and gutting America’s immigrant dependent labor market. Never before has an ill-educated buffoon come up with a more destructive policy mix and yet out of sheer bully-boy aggression single-handedly forced it upon an entire political party that should know better and which historically stood against every one of the four pillars of Trump-O-Nomics." [MORE HERE]

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"The congressional budget bill [which was passed in the US Senate today] has become the most bloated bill to ever waddle and slide through congress.

"[Trump's ill-named] 'Big Beautiful Bill' just can’t stop growing. This pile of pork that required two pallet boards and a forklift in order to move him from the House side of the Capitol building to the Senate, is getting fatter with each passing day. It may not even be possible, at this point, to move him from congress to the President’s desk for signing.

"It seems Trumpublicans, who once masqueraded as budget hawks, just cannot spend enough money these days. Having already packed in more pork than the entire nation of China could eat in a decade at a time when the US is drowning in its own debt according to every credit agency that typically matters, Senate Republicans saw the need to fit a lot more fat into the flesh folds of this cut-taxes-and-spend-more, fantasy monster.

"Having loaded Bill’s crevices up with lard, we read today that this big butt-full of bills is now sprinting like a morbidly obese walrus for the finish line, but is likely to die of a heart attack before it arrives ...

"Meanwhile, the bill’s tab [has] ballooned like a post-tax-cut deficit, possibly adding trillions more than the already eye-popping $3.3 trillion House version. But hey, what’s a few trillion among friends? ...

"Despite the outrage, insiders predict the holdouts will do what they always do—complain loudly, wave a flag of fiscal doom, then wither like spineless tarts. After all, nothing unites Republicans like a giant tax cut and a promise from Trump that “this time, it’s gonna be beautiful. Really.” ...

"According to the Congressional Budget Office (CBO), 'Big Beautiful Blob' has gone up from adding $3.3-trillion to the budget ... to adding $3.9-trillion. ...

"Even the CBO notes,

… these numbers understate the potential costs of the bill, since the legislation relies on a number of arbitrary expirations. Borrowing could rise by another $1 trillion – to $5 trillion or more – if temporary provisions were made permanent.

"Not only that: The CBO’s numbers also likely underestimate where interest costs will be after 'Big Beautiful Blob' throws its monstrous weight behind the damage tariffs will do to the dollar and simultaneously to the Treasury market because right now investors are still, as I wrote in my last Deeper Dive, hanging onto fantasies that more time for negotiation means more chance of tariffs coming down. That includes bond investors who have bought the bull. ...

"[T]ariffs will drive interest rates on the government debt up by diminishing the need for central banks all around the world to hold Treasuries as their primary vehicle for reconciling their member banks’ foreign exchanges on trade with the US. Less trade equals less utility for those Treasury holdings, which means less demand, so higher interest. A falling dollar also means less foreign demand for Treasuries because foreign investors lose money on the exchange rate when they sell the treasuries and go back to their own currency.

"That will all happen because Treasuries are effectively the money bags that exchange currency typically travels in via the click of a computer key reassigning ownership. There is still no one that I read who is paying attention to that likely trigger for the United States’ ultimate debt death spiral. Because no one is seeing it, there is all the more likelihood it will take us down.

"And, of course, the rise in Treasury interest means a rise in all commercial interest that is pegged off of benchmark Treasuries. 'Big Beautiful Blob,' throwing its weight onto the Treasury heap, only makes the problem worse. It also increases the risk that no one sees tariffs as causing the spike in interest rates because they have the Blob to blame as a scapegoat. ...

"This budget bomb is likely to be more obliterating to the US future than those bombs the US just dropped in Iran, which multiple reports are now saying were not all that Trump boasted them up to be."

~ David Haggith from his post '"Big Beautiful Blob" Keeps Getting More Bloated'