US Debt Hits New High Amid War, Tax Cuts

0:00You're listening to Global News Today, powered by The Daily News Now. The U.S. national debt topped $39 trillion this Wednesday, marking a new all-time high. This milestone hit just weeks into the U.S. Israeli war in Iran, amid pushes for big tax cuts, higher defense budgets, and stronger immigration, enforcement. Earlier this week, the debt jumped from $38 trillion five months ago, and $37 trillion two months prior. Why House officials note the war has already cost over $12 billion, with no clear and insight. Experts warn of real impacts on everyday Americans, like steeper mortgage and car loan rates, slower wage growth as businesses invest less, and pricier goods overall. Leaders from groups like the Peter G. Peterson Foundation call it an unsustainable path that's burdening future generations. The debt has climbed under both parties driven by wars, pandemic aid, and tax reductions. At this pace, it could reach $40 trillion before this falls elections.

1:03Meanwhile, the federal deficit shrank slightly this fiscal year to $1.78 trillion, thanks to higher individual tax, collections, cuts and federal jobs to the lowest since 1966, and tougher checks on welfare fraud. Officials say these steps will keep improving the outlook. The poor for this DNN episode comes from our sponsor. Your pillow, your podcast, your moment, made for listening in bed, S-O-L-I, solely pillow.com.