Republicans are often known as the party of fiscal responsibility. This week, Swamp Notes unravels the US House of Representatives’ “big, beautiful” bill and its uncertain path forward in the Senate. Edward Luce, US national editor and columnist, and James Politi, Washington bureau chief, explain what made congressional Republicans go all in on big spending, tax cuts and more debt. 

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Mentioned in this podcast:

Read Edward Luce’s column on the new ‘moron premium’ for Treasuries

US House passes Donald Trump’s showpiece tax bill

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Swamp Notes is produced by Lauren Fedor, Katya Kumkova and Henry Larson. Topher Forhecz is the acting co-head of audio. Special thanks to Pierre Nicholson.

Read a transcript of this episode on FT.com

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