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America’s national debt is set to top $40 trillion as soon as this week, months earlier than expected. Inflation, the war in Iran and mounting global debt are pushing investors away from government bonds, potentially driving borrowing costs higher, from Washington’s interest payments to Americans’ mortgages, car loans and business loans.
U.S. government debt passes $40 trillion mark for the first time
Government debt has eclipsed $40 trillion, passing yet another staggering benchmark for red ink, according to the Treasury Department.
The total U.S. IOU hit $40.05 trillion as of Tuesday, some four and a half years after topping $30 trillion. Years of escalating budget deficits, pushed higher by stimulus funding during the Covid pandemic, have seen the public share of the debt near 100%.
In the most recent monthly accounting of U.S. finances, Treasury reported a $432.3 billion deficit in July, the highest monthly total since March 2021. The year-to-date shortfall is nearing $1.8 trillion, higher than the same period a year ago.
The U.S. fiscal situation has had market ramifications, which have played out recently and likely pushed the Treasury Department into announcing Wednesday that it is upping the size of its repurchases at the long end of the yield curve.
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