The Ezra Klein Show (Podcast)

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.

Steve Bannon famously talked about using “muzzle velocity” as a strategy: doing so much so quickly that you overwhelm the ability of the media to cover it. I think what the Trump family is doing with crypto is muzzle velocity for corruption. What they’re doing isn’t necessarily illegal. It would be if these were official campaign donations; the sums involved are so large, and the buyers include foreign nationals. But the Trump family is making this money personally. And they’re doing it across so many different crypto ventures, it’s almost impossible to keep track. So that’s what I wanted to do with this episode: try to track at least some of it. The person I’ve enlisted to help me out is Zeke Faux. He’s the author of the fantastic book “Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall” and an investigative reporter at Bloomberg, where he’s been covering many of these strange Trump family crypto schemes.

The foreign policy scholar Emma Ashford explains what President Trump is really doing in the Middle East and Ukraine. Trump has been making some foreign policy moves I didn’t entirely expect. He seems determined to get a nuclear deal with Iran. He’s been public about his disagreements with Benjamin Netanyahu. He called Vladimir Putin “crazy.” And he keeps talking about wanting his legacy to be that of a peacemaker. So what, at this point, can we say about Trump’s foreign policy? What is he trying to do, and how well is it working? If he succeeds, what might his legacy be? Emma Ashford is a senior fellow at the Stimson Center, a foreign policy think tank, and the author of the forthcoming book “First Among Equals.” She comes from a school of thought that’s more sympathetic to the “America First” agenda than I typically am. But she’s also cleareyed about what is and isn’t working and the ways that Trump is an idiosyncratic foreign policy maker who isn’t always following an “America