Republicans are often known as the party of fiscal responsibility. This week, Swamp Notes unravels the US House of Representatives’ “big, beautiful” bill and its uncertain path forward in the Senate. Edward Luce, US national editor and columnist, and James Politi, Washington bureau chief, explain what made congressional Republicans go all in on big spending, tax cuts and more debt. Subscribe to the new Swamp Notes feed here. Mentioned in this podcast:Read Edward Luce’s column on the new ‘moron premium’ for TreasuriesUS House passes Donald Trump’s showpiece tax billSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Lauren Fedor, Katya Kumkova and Henry Larson. Topher Forhecz is the acting co-head of audio. Special thanks to Pierre Nicholson.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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