US Debt Tops $40T, Ending Era of Cheap Borrowing

The era of cheap government debt is over as the US national debt has surpassed $40 trillion, raising questions about the long-term fiscal outlook. The milestone, reached this week, underscores the growing burden of interest payments and the challenges policymakers face in managing the nation's finances. Economists warn that higher borrowing costs could crowd out spending on other priorities and slow economic growth.