The brutal reality: Even with "safety net" budget cuts, the new spending bill will add ~3 TRILLION to US debt over the next 10 years. If you factor in the incremental interest expense on this debt (with rising rates), it will likely add close to 5 trillion by 2035. To make things worse, this forecast assumes no recession over the next 10 years, in which case the incredible deficit could DOUBLE expectations. When @ElonMusk began working with DOGE, his goal was to cut 1 trillion in federal spending by the end of FY2025. Instead, we are now set to run a FY2025 deficit of 1.9 TRILLION, or 6.2% of GDP, just as the new spending bill is passed. So far, DOGE has cut ~175 billion in government spending, only for ~17x that amount to be added to the deficit over the next 10 years. Even as yields rise and send warnings signs amid weak bond auction demand, deficit spending is getting worse. Objectively, we are on an unsustainable fiscal path.