The national deficit usually feels like an abstract talking point: America’s permanent credit card bill that just keeps getting bigger, without ever coming due.

But suddenly, our national debt has a real cost. As President Donald Trump’s proposed tax cuts threaten to add trillions to the deficit, every major credit rating agency has now downgraded the United States’ credit rating, suggesting that the U.S. is no longer a reliable borrower — a move with potentially disastrous, far-reaching consequences for the global economy.

To unpack what’s at stake, David Sirota sits down with Stephanie Kelton, a world-renowned economist and pioneer in Modern Monetary Theory, to ask her big questions: What does a credit downgrade mean? Should we really be thinking about America’s spending and debt like it’s a household budget? And how exactly could too much national debt bankrupt the country?

The answers, argues Kelton, necessitate transforming our perception of money itself.

There’s a new evil genius on Capitol Hill, one that privacy experts warn could empower tech billionaires like Elon Musk and Mark Zuckerberg to issue their own private currencies. The Senate is poised to pass the GENIUS Act, which would give so much free rein to such “stablecoins” that it could destabilize the rest of the economy.

Today on Lever Time, Arjun Singh sits down with Lever reporter Luke Goldstein to understand the GENIUS Act, how it could turn Big Tech companies into unregulated banks, and why this should be a concern for the rest of us.

You can read Luke’s full story on the GENIUS Act and the future of “ZuckBucks” here.

He came in with a bang but is going out with a whimper. After his 24/7 role on Trump’s election stage and his high-profile rampage through the federal government, billionaire Elon Musk says he’s scaling back his work for the administration and ramping down his political spending. With his image tarnished and businesses facing turbulence, is Musk down for the count — or planning his return as America’s most infamous oligarch?

Today on Lever Time, David Sirota talks to Michael Scherer, a reporter for The Atlantic who has the inside scoop on what happened to Musk and what kinds of ticking time bombs he and his so-called Department of Government Efficiency may have left inside the federal government.

As part of the Tax Revolt series, Arjun Singh appeared on the podcast "Why is this Happening? The Chris Hayes Podcast" to breakdown the latest developments of Trump's tax cut, which recently passed the House.

This is a preview of the discussion, for the rest of this conversation, download Why Is This Happening wherever you get your podcasts or watch on YouTube at msnbc.com/withpod.

One of the most powerful Republicans in the country has been called a teddy bear. Grover Norquist, the head of the activist group Americans for Tax Reform, certainly doesn’t come across as an anarcho-capitalist power player.

Recently, Norquist has waged a vendetta against “traitors” in the White House — staffers who are reportedly considering raising taxes on the rich, which may include Vice President J.D. Vance, and the architect of Trump’s first presidential campaign, Steve Bannon.

On the finale of “Tax Revolt,” senior podcast producer Arjun Singh sits down with Norquist to understand: Is the antitax movement’s grip on the Republican party as strong as ever?

Want more? Become a paid subscriber to get ad-free episodes and exclusive bonus content, like an exclusive interview we conducted with the godfather of trickle-down economics. By doing so, you’ll be supporting independent journalism: levernews.com/subscribe

Former President George H.W. Bush once thought supply-side economics was so ludicrous he deemed it “voodoo economics.” But that was before Ronald Reagan transformed the Republican Party into a trickle-down, tax-cutting cult.

To follow in Reagan’s footsteps, Bush promised conservatives that he would never raise taxes — but then did something nobody expected. That decision would seal his fate, with the anti-tax movement making sure no Republican ever dared cross them again — and that included Bush’s son.

This is Part 3 of Tax Revolt, a new miniseries from Lever Time revealing how free-market radicals hijacked American politics and set the stage for Elon Musk, DOGE, and Donald Trump’s presidency.

Want more? Become a paid subscriber to get ad-free episodes and exclusive bonus content, like an exclusive interview we conducted with the godfather of trickle-down economics. By doing so, you’ll be supporting independent journalism: levernews.com/subscribe

How a small group of economists shaped Reagan’s tax policy and the future of the Republican party.

This is Part 2 of Tax Revolt, a new miniseries from Lever Time revealing how free-market radicals hijacked American politics and set the stage for Elon Musk, DOGE, and Donald Trump’s presidency.

Want more? Become a paid subscriber to get ad-free episodes and exclusive bonus content, like an exclusive interview we conducted with the godfather of trickle-down economics. By doing so, you’ll be supporting independent journalism: levernews.com/subscribe

In the 1970s, an eccentric anti-tax crusader launched a radical campaign to dismantle California’s tax system — a movement that still defines American politics today.

This is Part 1 of Tax Revolt, a new mini-series from Lever Time revealing how free-market radicals hijacked American politics and set the stage for Elon Musk, DOGE and Donald Trump’s presidency.

Want more? Become a paid subscriber to get ad-free episodes and exclusive bonus content — and support independent journalism: levernews.com/subscribe

Plus, read a bonus companion article about the anti-tax zealot behind Proposition 13, written by producer Ariella Markowitz.