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U.S. National Debt Hits $40 Trillion
Treasury officials doubled buyback operations to $4 billion as long-term yields rose and deficit warnings intensified after the debt crossed $40 trillion.
- On Wednesday, the Treasury Department reported total public debt topped $40 trillion for the first time, drawing fresh warnings that a fiscal crisis is brewing as costs for safety-net programs and interest payments far outstrip federal revenues.
- Roughly 60 per cent of the $7 trillion annual federal budget is earmarked for 'mandatory' programs, including Social Security, Medicare, and Medicaid, while another $1.1 trillion pays interest on borrowing costs that continue rising.
- Treasury Secretary Scott Bessent announced a doubling of buyback sizes to at least $4 billion per operation to push long bond yields back, while Oxford Economics notes investors demand greater compensation amid hefty government issuance.
- Public debt rose $11.6 trillion across Donald Trump's two terms, while Joe Biden's term saw an $8.4 trillion increase; the Congressional Budget Office estimates Trump's 'One Big Beautiful Bill Act' will add another $4.7 trillion.
- Margaret Spellings, chief executive of the Bipartisan Policy Center, warned last week that federal programs run on 'autopilot,' with budget watchdog groups cautioning that a debt crisis could erupt unless politicians raise taxes, cut spending, or both.
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Leaning Left23Leaning Right26Center39Last UpdatedBias Distribution44% Center
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44% Center
L 26%
C 44%
R 30%
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