Trump pledged fiscal restraint. Instead, debt tops $40 trillion as borrowing costs rise
Higher bond yields and war spending have pushed federal debt service costs up, and budget experts warn Congress may face tax hikes or benefit cuts.
- The United States national debt surpassed $40 trillion ahead of November midterm elections that will determine if Republicans maintain control of Congress.
- Despite pledges to curb deficits, President Donald Trump's national debt climbed as government expenditures expanded rather than contracted, with second-term tax and immigration reforms adding $4.7 trillion.
- Committee for a Responsible Federal Budget data shows Trump's first-term tax cuts contributed $8.4 trillion to the debt, while Elon Musk pledged $2 trillion in cuts but his agency reported only $110 billion in savings.
- Escalating debt obligations have pushed mortgage interest rates higher, tracking bond yields that reached their highest levels in nearly two decades, as Federal Reserve Chair Kevin Warsh warned competition for capital is driving up rates.
- Financial analysts warn an impending fiscal crisis may compel Congress to enact unpopular measures, including increasing tax rates or scaling back entitlement programs like Social Security.
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Donald Trump returned to the White House with the promise to put the U.S. finances in order
The Independent
The Independent (US)Soaring $40 trillion national debt and Iran deadlock shattering Trump’s fiscal claims
The national debt has surged past $40 trillion in the first 19 months of Trump’s second term
Forbes, the world's most well-conceived business and economic magazine. Tax cuts, increased spending and high interest increases pressure on the US budget and can force unpopular decisions on taxes and social benefits The post U.S. debt exceeds $40 trillion and exposes Trump's fiscal weakness appeared first in Forbes Brazil.
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Crypto BriefingTrump pledges fiscal restraint as US debt exceeds $40T
Rising debt and borrowing costs could strain future budgets, complicating fiscal policy and economic stability amid global uncertainties. The post Trump pledges fiscal restraint as US debt exceeds $40T appeared first on Crypto Briefing .
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