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U.S. debt exceeds $40 trillion
The U.S. government debt has surpassed $40 trillion for the first time, according to data from the U.S. Treasury Department, reflecting the escalating fiscal deficit resulting from stimulus packages during the COVID-19 pandemic. This has brought the debt-to-GDP ratio close to 100%, with a record monthly deficit of $432.3 billion in July, and the total deficit since the start of the year approaching $1.8 trillion. Additionally, rises in Treasury bond yields and interest costs—about $1.2 trillion this year—have increased government borrowing expenses, making interest payments one of the largest expenditure items after Social Security and healthcare.
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