US Debt Surges Past $39 Trillion

0:00The United States National Debt has just topped $39 trillion, and it's on track to surpass $40 trillion later this year. It jumped from $38 trillion to $39 trillion in just 71 days, fueled by deficits expected to exceed $2 trillion. This financial year and interest payments that will top $1 trillion. Meanwhile, this surge doesn't even account for the $175 billion in tariff refunds ruled illegal by the Supreme Court. For the roughly $2 billion a day from the war in Iran, the Treasury is rolling over more than $10 trillion in short-term debt this year, with yields on Treasury bills climbing from $3.4, 8% to $3.81% since the conflict started. Trump promised back in his first campaign to wipe out the debt in eight years when it was under $20 trillion, but his first term added $8.2 trillion. Biden added $7.1 trillion more, and now halfway through his second term, it's projected to rise over $6 trillion under his.

1:02Watch. Fuel prices have spiked almost $1 a gallon for gasoline and $1.50 for diesel since the attacks on Iran, derailing parts of. Treasury Secretary Scott Besson's 333 economic plan for growth and lower rates. Pandemic era low-rate debt is maturing at higher costs, pushing average interest rates up from 3.4%. All this plus $80 trillion in unfunded social security and Medicare liabilities totals around $120 trillion in. Obligations that could crimp U.S. responses to future crises and ripple through global bond markets, raising rates worldwide and pressuring asset values. Everywhere. That's your update from Sydney News Today, powered by AI. I'm Corey with The Story.