Former Treasury Secretary Larry Summers is sounding the alarm on America’s fiscal trajectory, placing the blame squarely on President Donald Trump and the GOP’s “One Big, Beautiful Bill.”
What Happened: During his appearance on the Politics War Room podcast on Thursday, Summers criticized the lack of fiscal discipline in current Republican proposals, warning that the United States is on the verge of a crisis if current debt trends continue.
“We are not paying attention to the first law of holes. Stop digging,” Summers said, referring to the $36.9 trillion U.S. National Debt, and $1.83 trillion fiscal deficit.
He believes that the country is not on a sustainable path right now, and adds that the “Big, Beautiful Bill” is actually a prescription for “deadly, dangerous decline.”
Summers, who served as the Treasury Secretary under President Bill Clinton and as the Director of the National Economic Council under President Barack Obama, notes that the U.S. debt-to-income ratio is now three times higher than it was in 1993, when Clinton took office.
He cautioned that the fiscal outlook is even …