Trump’s Big Budget Bomb

1029 snips

May 23, 2025

Catherine Rampell, an opinion columnist at The Washington Post and MSNBC anchor, dives into the perilous implications of Trump’s proposed budget. She argues that this 'Big Budget Bomb' could dangerously inflate national debt while slashing crucial safety nets like health insurance and food assistance. Rampell warns of the risks to lower-income households and discusses the troubling Moody's downgrade of U.S. debt. The conversation also touches on the social consequences of wealth transfer legislation and its impact on vulnerable populations, triggering a vital debate on economic priorities.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

INSIGHT

Big Budget Bomb's Debt Risk

The big budget bomb will add over $3 trillion to national debt in 10 years.
Republicans use budget tricks that hide true permanent costs, risking fiscal crisis.

INSIGHT

Wealth Transfer via Cuts and Tax Breaks

The bill sharply cuts Medicaid and food stamps, cutting help for millions.
It primarily shifts wealth from low-income to wealthy Americans, undermining the safety net.

INSIGHT

Rising Debt Interest Threatens Budget

Interest payments now surpass national defense spending due to high debt.
Increasing debt with this bill greatly risks our fiscal sustainability.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Trump’s “big, beautiful bill” is the cruelest and most irresponsible piece of domestic legislation to be seriously proposed in my lifetime.

When you think about this bill, you should think about risk. It would increase our risk of a fiscal crisis by adding a hefty sum to our nation’s debt, at a time when we’re alienating the countries that typically buy our debt. It would slash food stamps and strip health insurance from millions of people, increasing the risk that the safety net won’t be able to catch any of us, at a time when President Trump’s tariffs have increased the risk of a recession.

It’s what I’m calling the Big Budget Bomb. And if it passes, we’ll all be in the blast radius.

My guest today is Catherine Rampell. She’s an opinion columnist at The Washington Post and an anchor on MSNBC. She’s been covering this closely, so I asked her to come on the show to help talk through all the different risks this bill brings.

Editor’s note: This episode was recorded before the House passed Trump’s domestic policy package.

Mentioned:

“Arkansas’s Medicaid experiment has proved disastrous” by Catherine Rampell

“The Time Tax” by Annie Lowrey

“Barbara Kingsolver Thinks Urban Liberals Have It All Wrong on Appalachia” by The Ezra Klein Show

Book Recommendations:

Our Dollar, Your Problem by Ken Rogoff

Demon Copperhead by Barbara Kingsolver

Shy by Mary Rodgers and Jesse Green

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones and Aman Sahota. Our senior engineer is Jeff Geld. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Tyson Brody.

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.