How America's Debt Spiral Could Spark The Next Crisis

Independent analyses, ranging from Yale University to the Wharton School to the Congressional Budget Office, have each said that President Trump’s Big Beautiful Bill will add trillions of dollars to the U.S. deficit over the next 10 years. Yet, this year, the U.S. deficit is already exceeding 6 percent of GDP, a level roughly 63 percent higher than the average in the past five decades. And unlike past spikes, the current one isn’t driven by war or economic crisis, leading many to worry. In this documentary, through dozens of interviews with experts including Former Treasury Secretary Robert Rubin, macro investor Ray Dalio and Former Chairman of the Joint Chiefs of Staff Mike Mullen, CNBC's Leslie Picker explores what will happen if the deficit is not reined in.

Chapters:
0:00 Introduction
1:27 How we got here
4:17 Market fallout
9:45 Economic ripple effects
13:48 International implications

Reported by: Leslie Picker
Produced by: Ritika Shah
Edited by: Erin Black
Senior Managing Producer: Tala Hadavi
Camera: Magdalena Petrova, Carlos Waters, Natalie Rice, David Soltis, Leroy Jackson, Alex Bedoya, Mark Aster, Michael Luciano, Tyler Roth, Jordan Smith, Miles Ross, Tara McCurrie, Vincent Castaldo, Marco Mastrorilli, Erin Black
Animations: Jason Reginato, Emily Park, Virginia Davies
Production Support: Kathy Mavrikakis, Darren Geeter
Managing Editor: Lacy O’Toole
Senior Director of Video: Jeniece Pettitt

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How America's Debt Spiral Could Spark the Next Crisis

Post from CNBC on July 07, 2025

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