CNBC Special Report: America's Deficit Reckoning 7/7/25

AMERICA’S DEFICIT RECKONING: What happens if the U.S. doesn’t rein in the budget deficit? CNBC Senior Finance & Banking Reporter Leslie Picker interviewed a dozen experts, investors and former government officials over the course of five months to explore the consequences of America’s fiscal path – not how to solve it, but what’s at stake if we don’t. This special report unpacks how rising debt threatens markets, hinders economic growth, and fractures international relations. From trillion-dollar annual interest payments to bond-market tremors to geopolitical vulnerability, CNBC explores the tipping point that the U.S. may be approaching – and whether it’s still possible to change course.

The 5 things you need to know before the stock market opens today: Treasury Secretary Scott Bessent said over the weekend that countries who don’t make a trade deal with the U.S. before August 1st will see their tariff rates revert to what they were in April. Israeli Prime Minister Benjamin Netanyahu is meeting with President Trump at the White House today, Oracle is offering the U.S. government a 75% discount on some of its software, and Rep. Mark Green (R-Tennessee) will resign from Congress this month, temporarily tightening the margin between Democrats and Republicans in the House.  Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin.  Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format. 

The House of Representatives began debate on President Donald Trump’s sweeping spending bill following a late-night shift as key Republican holdouts threw their support behind the measure. Representative Ro Khanna (D-Calif.) stepped out of an hours long speech from Minority Leader Hakeem Jeffries (D-NY) to fill CNBC’s audience in on the broader implications of the legislation. Microsoft will lay off about 9,000 employees, just under 4% of its global workforce. CNBC’s Steve Kovach and fellow tech journalist Michal Lev-Ram discussed the role of AI in the cuts and the future of tech’s labor force. Meanwhile, U.S. payrolls increased by 147,000 in June, President Trump continues to put pressure on Fed Chair Jerome Powell to cut rates, and OpenAI is issuing a warning about Robinhood’s “tokens” in the company. Ro Khanna - 15:28Steve Kovach & Michal Lev-Ram - 23:03 In this episode:Rep. Ro Khanna, @reprokhannaMichael Lev-Ram, @mlevramMelissa Lee, @MelissaLeeCNBCAndrew Ross Sorkin, @andrewrsorkinCameron Costa, @CameronCostaNY

In an extended interview, SEC Chair Paul Atkins discusses his vision for the agency. From cutting red tape and rebooting IPOs to expanding retail investors' access to private markets, Atkins outlines what a “new day at the SEC” really means. He addresses his push for a rational crypto framework and his top priorities since taking the helm of the agency in April. Plus, CNBC’s Emily Wilkins joins with the latest developments from Capitol Hill, Sam Altman is calling out Mark Zuckerberg, and Paramount has agreed to pay $16 million to settle Trump’s lawsuit over its ’60 Minutes’ Kamala Harris interview. Emily Wilkins - 02:58Paul Atkins - 16:25 In this episode:Emily Wilkins, @emrwilkinsMelissa Lee, @MelissaLeeCNBCAndrew Ross Sorkin, @andrewrsorkinCameron Costa, @CameronCostaNY

The 5 things you need to know before the stock market opens today: the ADP releases its monthly metrics for private sector hiring later this morning, Tesla will release its own second quarter delivery numbers, health insurer Centene has pulled its 2025 earnings guidance, beverage conglomerate Constellation Brands missed quarterly estimates in its latest report, and Netflix and Spotify could be teaming up on a screen near you.  Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin.  Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format. 

Senators worked through the night Monday as President Trump’s sweeping legislative package struggled to gain passing support in the Senate. CNBC’s Emily Wilkins reports on the record-setting vote-a-rama and what’s at stake for the President’s second-term agenda. RXR chairman and CEO Scott Rechler shares his perspective on the NYC mayoral race, candidate Zohran Mamdani’s campaign promises, and solutions to the city’s housing shortage. Republic is launching a SpaceX token that offers unaccredited investors an opportunity to invest in the company pre-IPO. Co-CEO Andrew Durgee explains his platform, its regulatory hurdles, and the future of tokenized investing. Plus, CNBC’s Steve Kovach reports on Apple’s plans to overhaul Siri as the company looks for new AI partners. Emily Wilkins - 02:42Steve Kovach - 10:42Scott Rechler - 22:33Andrew Durgee - 32:14 In this episode:Emily Wilkins, @emrwilkinsBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinCameron Costa, @CameronCostaNY

The 5 things you need to know before the stock market opens today: Circle applies for a national bank charter, Boeing CFO Brian West prepares to step down, Robinhood launches tokenized shares of OpenAI and SpaceX for users in Europe, NASA strikes a deal to stream live missions on Netflix, and President Trump nears a settlement with Paramount. Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin. Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format.

Senators will begin offering amendments to President Donald Trump’s legislative package after a weekend of tense negotiations aimed at advancing his second-term domestic agenda. CNBC’s Emily Wilkins breaks down the so-called “vote-a-rama.” Then, Verizon CEO Hans Vestberg reflects on 25 years since the company formed from the merger of Bell Atlantic and GTE. Meanwhile, Apple’s new film ‘F1,’ produced by Jerry Bruckheimer and starring Brad Pitt, opened in theaters with a strong box office performance. Bruckheimer discusses the film’s success, the future of Hollywood, and the challenge of competing with streaming. Plus, Zohran Mamdani, the presumptive Democratic nominee for New York City mayor, said that he believes billionaires should not exist. Emily Wilkins - 03:47Hans Vestberg - 22:00Jerry Bruckheimer - 32:40 In this episode:Emily Wilkins, @emrwilkinsHans Vestberg, @hansvestbergBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinCameron Costa, @CameronCostaNY

The 5 things you need to know before the stock market opens today: China’s manufacturing contracted for the third consecutive month, President Trump has teased a buyer for TikTok, Tesla says it has completed its first driverless delivery of a new car, and Warren Buffett is making a $6B donation.  Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin.  Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format. 

Exxon Mobil CEO Darren Woods discusses the global oil supply in the face of the Israel-Iran conflict, and he highlights the difficulty of the EU’s regulatory push to reduce emissions. YouTuber and influencer Dhar Mann is one of the top scripted creators, and he’s partnered with former MTV president Sean Atkins to create a new production studio specifically for online content creators. The two discuss the addition of creator-driven content to the evolving media landscape. Plus, China and the United States have agreed to a framework for a trade deal, and CNBC’s Sharon Epperson reports on a new money habit for Americans: “revenge saving.” Sharon Epperson - 09:31Darren Woods - 16:27Dhar Mann & Sean Atkins - 32:28 In this episode:Dhar Mann, @dharmannSean Atkins, @atkinsseanSharon Epperson, @sharon_eppersonBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkKatie Kramer, @Kramer_Katie