The United States is facing possibly the largest debt crisis in our history as our national debt rises faster and faster. Glenn Beck warns: is our bankruptcy inevitable? Plus, Glenn and Stu discuss the recent protest during an ICE raid on a farm in California.
Transcript
Below is a rush transcript that may contain errors
GLENN: Now, here's another thing. And I will hit this once.
Because it's a little -- it's a little overwhelming.
But I just think you should know it.
Since the dead ceiling was raised on July 3rd. July 3rd.
The US debt is up $410 billion.
Just in the first two days.
Let me say that again.
We raised the debt ceiling. And the US debt goes up 410 billion, almost half of a trillion dollars in two days!
Now, this comes after the US Treasury ended extraordinary measures, raising the debt ceiling by 5 trillion.
We are in the midst of the US' largest crisis.
Largest one ever. Now, listen to this.
After hitting the debt limit of $36.1 trillion in January of 2025, Treasury began extraordinary measures to conserve cash. Last week, when Trump's big, beautiful bill was signed into law. The debt ceiling from 36.1 to $41.1 trillion. And what happened?
In two days, up 410 billion. Raised due to a technical process.
Now, Stu, I don't want to get all technical here. But I think that -- that the debt ceiling going up, and then us spending an additional $410 billion. I think that technical process. And, again, if I'm too wonky, maybe you can explain it, is out of control politicians that are just spending too much.
But maybe that's just me. Is that too technical. Is that too wonky, to get to?
STU: Yeah. You're in nerd world with that one, Glenn. People aren't going to understand it.
GLENN: Yeah. Yeah.
So they were just -- they were just doing what you do, when you don't have the money. They were just moving bills around. And paying what they absolutely had to. Until the debt ceiling was raised.
And then when they did, they were like woo. Because we were completely out of money.
Now we can print some more. Now we're free to borrow a record 41.1 trillion dollars in debt.
Now, here's the part that kind of opens your eyes. To put this into perspective, at the start of 2020, the US had $23.2 trillion in at the time. In 2020, $23.2 trillion.
Where are we now?
Well, we just moved that debt ceiling up to 41 trillion, because we're at $36.1 trillion.
With the new limit, we will mark $17.9 trillion increase, since 2020. That's a 77 percent increase in our debt. Have you thought of it this way?
At our current pace, we will reach the new debt ceiling much sooner than expected.
The treasury posted a 316 billion-dollar deficit in May. That's the third largest in record.
For the first eight months of 2025, the budget gap hit $1.3 trillion. The third largest in history.
Over the last 12 months. The US borrowed 1.9 trillion.
Or 158 billion, every month.
That is half -- this is half of the May levels.
But let's take 158 billion to be conserve.
US current debt stands at 36.6.
We are 4.5 trillion below the limit now.
At our current pace, it will take us 28 months, to hit that limit.
STU: Jeez.
GLENN: In fact, the debt ceiling crisis. It looks like it will hit us now, every two years. The debt ceiling is hit faster than it can be moved. From June 2023 and October 2021, we're the last debt ceiling crisis. The US budget deficit has averaged 9 percent of GDP over the last five years.
But over the last 12 months, the budget gap has hit 7 percent of GDP. That is higher than during 2001, or any of the 1980 recessions.
We now spend 7.1 trillion dollars, 24 percent of our GDP. We have a spending problem.
That's our problem. We are issuing so much debt now, bond prices are falling. And yields are rising. What does that mean? It means, we're charging less, and we're paying out more in interest. That's not going to help us!
The US spent a record of $1.2 trillion on interest expense alone.
That's more than the total spending on defense. Medicaid, and the veterans program.
At our current pace, we're set to see US cost exceed $2 trillion within a matter of years!
Over the next ten years, the US is projected to pay $13.8 trillion just in interest.
For interest alone. This is not taxpayers. This is per person in the United States.
For interest alone, we are now on the hook for $40,500 per person, just for the interest!
This is four times Social Security cash deficit in the next ten years.
Five times the cost of 403 US weather and climate disasters. Since 1980.
403, weather and climate disasters.
It's the cost of 403 of those! Sorry.
It's the -- it's five times the cost of those, since 1980! I just wanted to -- I mean, just want to start there. Wake up to your situation.
People are arguing about all of the wrong things right now, and they are -- we think we are skating. And we think that this can last forever. It's not going to last forever, and then you add things on top of this.
Like, what is happening with -- with ICE?
I don't know if you saw the video of the protesters. Some protester that was firing some sort of a weapon, at a federal agent during the ICE raid at a farm in California. Let me play this. Cut two, please. This is the raid --
VOICE: Take a look at this video right here. It appears a protestor fired some kind of gun at federal agents. This happened this afternoon.
It was a really chaotic scene at the time.
A lot of smoking was being launched at the protesters. Again, it appears that a protestor fired back with that weapon.
It looks like he fired at least a couple of times. We've not heard about any agents being hurt.
STU: Hmm.
GLENN: So we are entering a very violent. Very, very violent time. First of all, let me talk about this particular raid. This was at a legal pot farm!
Okay. I think we can probably in the past, just done an hour on that. You know, oh, it's a legal pot farm.
Okay. Forget about that. That's not a problem apparently anymore.
It's being tended, this legal pot farm is being tended by illegals. That are coming across the border.
Well, we don't want to hurt our farming community.
I don't think of our farming community, as pot farms. But maybe that's just me.
Again, why get -- why get down in those details?
STU: Yeah. Glenn, this is just an existential question here.
But is it a legal pot farm, if the workers are illegal?
GLENN: Stu. Stu, again, that would be hour two of any past show that we have ever done together.
STU: Okay. All right.
GLENN: All right. So they go in, and they're trying to bust the illegals.
All right. What happens? Well, there starts to be protests. These protests come.
They start firing at ICE.
ICE has to put tear gas down.
Now the illegals are running to save themselves.
But who is running amongst this crowd?
Apparently, a bunch of children.
Now, I suppose those legal pot farms are providing a good education for those kids.
You know, probably has a pot farm day care center for those kids. So they can be out of the fields. And of course not working for their parents. Because that would be underage labor. You wouldn't want that to happen in America.
You know, all these people that have these bleeding hearts. Like, oh, this is just so wrong.
You're not even thinking anymore.
You're not even thinking.
You just see a video where you have kids running with their parents. Children running from the fields of this pot farm.
What were they doing there?
Certainly, that wasn't underage labor, was that?
Because you would be against that.
Wouldn't you?
Or are you?
Or are you only against that, if it's white children?
I'm not sure. I'm confused.
So you have the underage children. And these bleeding hearts, who are saying, we have to let these people go.
We have to let them just do what they do!
Really? You mean work in the shadows?
You mean engage in possible child labor? Okay. Possibly making, what?
A dollar an hour. Yeah. No, no, no. That's really, really, really good.
Then let's just let these protesters, and they're not protesters.
They are terrorists now.
We just let these terrorists get away with firing guns at our -- at our ICE agents. Things are changing in America. Let's just look at the violence, just in the last couple of weeks.
You have the July 4th ICE ambush, which is what?
ICE 25 miles outside of the city of Dallas. They have a detention center.
A coordinated well-planned attack.
Guy is covered in black. You know, in -- in military gear. They come and they start shooting fireworks at the detention center. Then a few of them break off, and they start spray painting the cars. Which brings unarmed ICE agents out of the building, to try to stop them from defacing the -- the cars.
They're unarmed. Well, this group has snipers in the woods. Hiding in the woods.
As soon as those unarmed agents come out, they start shooting them. Shot one of them in the neck. Thank God, he's still alive. What do you call that?
What do you call that? A Revolutionary War. Terrorism. It's certainly not a peaceful protest. Neither was it yesterday.
And, meanwhile, we have Congressmen who are actually trying to pass a bill in Congress right now, saying that the ICE members can't wear masks.
Well, you know what, when your bad guys stop wearing masks. When your people who are on the -- on the college campuses stop wearing masks, maybe we can live in a community and live in a society where our police officers don't have to wear masks.
Don't give me this. That's gets appear zero stuff.
By the way, the gestapo never wore masks.
They didn't care.
This is the kind of stuff that you see in the third world countries.
You mean like riots on the streets?
Yeah. It's stuff you see in third world countries. And you're dragging us into a third world country.
And, you know what, it's just -- it's -- it's time!
It's time. It's just time to say, enough is enough. And I'm not saying take extraordinary measures.
I'm saying, can our US government, our FBI, our department of justice stop acting like every Bond villain I've ever seen.
And here's what I mean by that. It's like you take these guys off the street, and then you strap them on to a table. And you say, the laser is going to cut your head in half.
No. It's not going to. We all know it's not going to.
Can we stop acting like Bond villains? Can we actually take care of the problem?
Actually arrest these people. Try them. And put them in jail.
We need to start setting a few examples. Otherwise, this is going to ton spiral out of control.