Source: New York Times
“[The US government’s] gross national debt topped $40 trillion for the first time on Wednesday, an ominous milestone for an economy that sits on a shaky fiscal foundation after decades of borrowing to pay for the rising costs of the military, social safety net programs and President Trump’s tax cuts. This year alone, the United States [government] is on track to borrow more than $2 trillion to help pay for its obligations, including spending on the war in Iran and the sweeping tax cuts that Republicans enacted in 2025. Soaring interest payments to investors who have purchased America’s debt now make up about half of that red ink, pushing the United States [government] into a deeper financial hole.” [editor’s note: A tax cut doesn’t have to be “paid for,” and unless spending is being cut, taxes aren’t being cut — payment of the taxes, with interest, is just being deferred – TLK] (08/19/26)