Politics and views in the United States

The U.S. deficit hits $40 trillion. Oil prices jump after President Trump threatens Iran with ‘economic D-Day’ and lawmakers air competing calls for congressional and Supreme Court term limits.

Transcript

Welcome to 2026 Talks, where we're following our democracy in historic times.

We did not get here in a day.

We were left with a mess.

The Biden administration had the highest deficit to GDP in history when we weren't at war or weren't in a recession.

Treasury Secretary Scott Besson blames the previous administration for the national debt reaching $40 trillion, but last year's Republican Megaville could add $5.5 trillion by itself, mostly in tax cuts for the wealthy.

The debt may soon reach one and a quarter times the size of the economy, a worrying level, and interest payments now cost more than defense.

President Donald Trump's tariff policy is also responsible.

The import taxes failed to produce promised revenue, especially after being blocked in court.

For the last few weeks, Trump has threatened new 50 percent levies on all Canadian goods, but he says those are on pause for three days after a deal with Prime Minister Mark Carney.

You've got to give something.

We're doing certain things.

We're paying a high number.

We're reducing it a little bit.

It's good for everybody, but our farmers are going to be thrilled.

Our going to be thrilled.

Trump says the agreement will revive the Keystone XL pipeline that would overturn moves by the Biden and Obama administrations to cancel the project, citing impacts to climate change, disruptions to indigenous land, and few economic benefits.

The White House says Keystone XL will lower oil prices, which jumped 3% yesterday after Trump threatened to quote economic D-Day for Iran and its economic allies.

The war has spiked prices at the pump by more than a dollar, and Republican Georgia gubernatorial candidate Rick Jackson wants to extend a state gas tax holiday that just expired.

The national average price of gas rose rapidly in just over a week and even more within a month.

But families did not get a month to rewrite their budgets.

Several states have tax holidays in place and eight others are considering them.

As votes are counted, progressive California State Senator Aisha Lajava is beating Bay Area Transit official Melissa Hernandez in the extremely close special election to replace disgraced former Democratic Congressman Eric Swalwell.

Ultra-conservative South Carolina Representative Ralph Norman says he would work to curb some spending if elected to the Senate.

Ahead of a GOP primary runoff next week, he's also confirming his longtime support for congressional term limits.

A correct politician by definition, somebody who goes up there, lives off the backs of taxpayers, enriches themselves, and passes these stupid laws and these stupid regulations that benefit them.

Across the aisle, House Minority Leader Hakeem Jeffries is calling for, quote, dramatic Supreme Court reforms after the conservative-leaning court repealed Section 2 of the Voting Rights Act and let Alabama use maps favoring Republicans and diluting the black vote.

If a three-judge federal panel, two of whom were appointed by the current president, could conclude that was a racially motivated map attacking black voters and the Supreme Court steps in and overturns that decision, it tells me they don't have the credibility for us to move forward acting like everything is okay.

Polls show dwindling trust in the high court and growing bipartisan support for term-limiting justices.

Opponents argue term limits could erode legal stability and subject the court to further political pressure.

I'm Edwin J. Vieira indicators at publicnewsservice.org.