June 05, 2025
The nonpartisan Congressional Budget Office warned that the House-passed Republican tax and spending bill (the “Big, Beautiful Bill”) would add $2.4 trillion to the national debt over the next decade, raising concerns it will further exacerbate the US’s debt issue. Senate Republicans do plan to revise the bill: some push for deeper tax cuts – which would increase the cost of the bill – while others seek to scale back Medicaid and clean-energy benefits, which offset some of the costs.
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Canadian Prime Minister Mark Carney attended a meeting of the European Political Community in Armenia this weekend, a first by the leader of a non-European country. He was invited to discuss common interests in trade, energy, and security. In a speech that echoed his address to the World Economic Forum in Davos two months earlier, Carney called on middle powers, including Canada and European nations, to work together in the wake of disruption of the established world order — implicitly pointing to the United States. “It’s my strong personal view that the international order will be rebuilt,” he told the crowd in Yerevan, “but it will be rebuilt out of Europe.”
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