Peter St Onge Podcast Ep 122 Weekly Roundup: Big Beautiful Budget in Trouble
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May 26, 2025 The podcast delves into the Republican party's budget battles, highlighting the divide between fiscal conservatives and those advocating for increased spending. It discusses Moody's recent credit downgrade and its potential ramifications on the national debt. There’s a stark examination of soaring student loan delinquencies, revealing financial strains on younger families. The troubling collapse of Japan's bond market is also explored, comparing it to Greece's crisis and signaling dire implications for global economic stability.
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Republican Spending Factions Clash
- A big spending faction in the Republican Party defies voter wishes by blocking budget cuts and protecting wasteful programs.
- Special interests have more control over Congress spending choices than actual Republican voters do.
U.S. Debt Downgrade Context
- Moody's downgraded U.S. debt for the first time since 1917 due to tax cuts, ignoring much larger spending increases.
- The downgrade highlights long-term debt risks despite market underreaction.
Voter Action Against Debt Crisis
- Voters must pressure Congress to reduce deficits and debt to avoid crushing tax burdens or inflated savings.
- Elect representatives committed to fiscal responsibility to escape the looming fiscal cliff.