Owing $40 trillion might sound daunting. But for the American government, ballooning debt has become the new business as usual — even if it takes a bite out of consumers’ wallets.
On Wednesday, the Treasury Department announced that the national debt had reached over $40 trillion, up by more than $11 trillion over the last five years.
Also this week, Treasury Secretary Scott Bessent stepped in to try to ease skyrocketing yields — the 30-year US Treasury yield hit its highest level since June 2007, as investors looked to offload bonds amid continued oil price uncertainty.
Bessent took some unexpected direct action, implementing debt buybacks on…
