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A series of developments regarding the ongoing rise and management of the United States' public debt, including its record levels and government responses to mitigate market impacts.
The U.S. gross national debt crossed $40 trillion for the first time, the Treasury Department reported on Wednesday, with Treasury Secretary Scott Bessent stepping in to manage bond markets rattled by rising yields, according to The Wall Street Journal's 10-Point newsletter on Thursday.
The US gross national debt crossed $40 trillion for the first time on Tuesday, according to the Treasury Department's daily cash and debt balances statement released Wednesday. Total public debt outstanding stood at $40.047 trillion, with the Guardian attributing the rise to escalating costs of social safety-net programs, the military and Donald Trump's tax cuts straining federal government budgets.
The U.S. Treasury Department announced on Wednesday that it will more than double the amount of U.S. government bonds it will buy back to help calm a bond market alarmed by rising yields. The move worked in getting longer-term yields lower, for now at least.