When the US borrows money, just like any borrower, it needs to pay its loans back with interest.

The national debt right now is $34 trillion and rising. Soon, America will need to spend more each year paying interest on the debt than it spends on national defense.

Today on Bloomberg’s Big Take DC, host Saleha Mosin talks to Bloomberg reporter Liz McCormick and Phillip Swagel, director of the Congressional Budget Office, on what it would take to rein in the US's government's debt spiral.

Get this episode and Big Take DC episodes a day earlier by subscribing to Big Take DC.

When the US borrows money, just like any borrower, it needs to pay its loans back with interest. The national debt right now is $34 trillion and rising. Soon, America will need to spend more each year paying interest on the debt than it spends on national defense. Today on Bloomberg’s Big Take DC, host Saleha Mosin talks to Bloomberg reporter Liz McCormick and Phillip Swagel, director of the Congressional Budget Office, on what it would take to rein in the US's government's debt spiral. Get this episode and Big Take DC episodes a day earlier by subscribing to Big Take DC.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

America’s ‘Debt Spiral’ Is Nearing a Critical Threshold

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In Episode 6 of The Sixth Bureau, a series from The Big Take,with spy Xu Yanjun in prison, the US government pursues some of his collaborators. Plus, host Jordan Robertson gets an unexpected call which leads to a big discovery.

The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness — and a cunning FBI sting — led to a stunning reversal: Xu Yanjun became the first Chinese intelligence officer ever convicted on American soil.

The Sixth Bureau is the story of superpowers, their secrets and how one Chinese spy got caught. Listen to Episodes 1 - 5 here.

In Episode 6 of The Sixth Bureau, a series from The Big Take, with spy Xu Yanjun in prison, the US government pursues some of his collaborators. Plus, host Jordan Robertson gets an unexpected call which leads to a big discovery.
The Sixth Bureau&nbsp;from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness &mdash; and a cunning FBI sting &mdash; led to a stunning reversal: Xu Yanjun became the first Chinese intelligence officer ever convicted on American soil.
The Sixth Bureau is the story of superpowers, their secrets and how one Chinese spy got caught. Listen to Episodes 1 - 5 <a href="https://www.bloomberg.com/features/the-sixth-bureau/">here</a>.

The Sixth Bureau Episode 6: Nothing Is Holy

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Has Iran laid mines across the Strait of Hormuz? With attacks on gas and oil facilities across the Middle East sending energy prices soaring, a key to restoring global oil supplies is ensuring the Strait of Hormuz is safe for tanker traffic. However, even the possibility that the area has been mined suggests that a recovery could be slow.

On today’s Big Take podcast, Bloomberg’s global defense editor, Gerry Doyle, tells David Gura about the challenges of clearing mines — especially before the shooting stops.

Read more: 
Mines, Missiles, and the Strait of Hormuz
Mine-Sweeping Drones Don’t Eliminate The Risks For Clearing Hormuz

Hosted by David Gura; Produced by David Fox; Reported by Gerry Doyle; Edited by Jeffrey Grocott.

Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Has Iran laid mines across the Strait of Hormuz? With attacks on gas and oil facilities across the Middle East sending energy prices soaring, a key to restoring global oil supplies is ensuring the Strait of Hormuz is safe for tanker traffic. However, even the possibility that the area has been mined suggests that a recovery could be slow.
On today&rsquo;s Big Take podcast, Bloomberg&rsquo;s global defense editor, Gerry Doyle, tells David Gura about the challenges of clearing mines &mdash; especially before the shooting stops.
Read more:&nbsp;
<ul>
<li><a href="https://www.bloomberg.com/news/newsletters/2026-03-17/mines-missiles-and-the-strait-of-hormuz?srnd=undefined">Mines, Missiles, and the Strait of Hormuz</a></li>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-03-16/mine-sweeping-drones-are-imperfect-way-to-reopen-strait-of-hormuz">Mine-Sweeping Drones Don&rsquo;t Eliminate The Risks For Clearing Hormuz</a></li>
</ul>
Hosted by David Gura; Produced by David Fox; Reported by Gerry Doyle; Edited by Jeffrey Grocott.
Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Reopening the Straight of Hormuz Is Going to Take Awhile

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/263c430c-d7b2-4d12-8723-b412015851ea/transcript

The Federal Open Market Committee announced this afternoon that it would hold interest rates steady. The decision comes in spite of spiking oil prices and new market uncertainty driven by the Iran War.

On today’s Big Take podcast, host David Gura sits down with Bloomberg Federal Reserve reporter Amara Omeokwe and Wharton professor and historian Peter Conti-Brown to discuss how the Fed is thinking about the Iran War and its impacts on the US economy — and what could shift its calculus in the months ahead.

Read more: Fed to Hold Interest Rates Steady as Iran War Scrambles the Economic Outlook

Hosted by David Gura; Produced by Julia Press; Reported by Amara Omeokwe; Edited by Tracey Samuelson.

Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Federal Open Market Committee announced this afternoon that it would hold interest rates steady. The decision comes in spite of spiking oil prices and new market uncertainty driven by the Iran War.
On today&rsquo;s Big Take podcast, host David Gura sits down with Bloomberg Federal Reserve reporter Amara Omeokwe and Wharton professor and historian Peter Conti-Brown to discuss how the Fed is thinking about the Iran War and its impacts on the US economy &mdash; and what could shift its calculus in the months ahead.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-03-16/fed-to-hold-interest-rates-steady-as-iran-war-scrambles-the-economic-outlook?srnd=undefined">Fed to Hold Interest Rates Steady as Iran War Scrambles the Economic Outlook</a>
Hosted by David Gura; Produced by Julia Press; Reported by Amara Omeokwe; Edited by Tracey Samuelson.
Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Iran War Is the Fed's Worst Nightmare

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/8ce3721f-2086-4441-b794-b41101461f9a/transcript

America’s ‘Debt Spiral’ Is Nearing a Critical Threshold

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