00:00It's Benzinga, bringing Wall Street to Main Street.
00:02U.S. government debt surpassed $40 trillion, reaching $40.05 trillion as of Tuesday,
00:11according to CMDC. The debt has climbed from $30 trillion about four and a half years ago
00:16and $19.4 trillion a decade ago. Years of rising budget deficits,
00:22fueled in part by COVID-era stimulus spending, have pushed publicly held U.S. debt to nearly
00:28100% of the economy. Treasury reported a $432.3 billion deficit in July, the largest monthly
00:37shortfall since March 2021, while the year-to-date deficit approached $1.8 trillion.
00:43Rising debt and deficits have contributed to pressure in Treasury markets as yields climbed
00:49to levels not seen since before the global financial crisis. The government's borrowing
00:53costs have also increased. For all things money, visit Benzinga.com.
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