Skip to main content Open Navigation Menu Give a gift The Financial Page Who’s Afraid of the Big Bad Bond Market? The House G.O.P.’s Trump-backed “One Big Beautiful Bill” makes a reckless three-trillion-dollar gamble with America’s creditworthiness. By John Cassidy May 26, 2025 House Speaker Mike Johnson speaks to the press, in Washington, D.C., on May 22, 2025. Source photograph by Kevin Dietsch / Getty Save this story As Speaker Mike Johnson and House Republicans were struggling to pass their budget-busting tax-and-spending bill last week—they eventually got it through by a single vote—my mind went back more than three decades to February, 1993, when, in a meeting in the Roosevelt Room of the White House, the newly inaugurated President Bill Clinton met with some of his aides to finalize an economic plan to present to Congress. The previous November, Clinton had swept to victory on a promise to revive a sluggish economy, the effects of which had been widely blamed on the ...