Marjorie Taylor Greene Rips 'Years of Foreign Wars' as US Debt Crosses $40 Trillion: 'Just Wait Until Social Security Goes Bankrupt'
The U.S. national debt officially crossed $40 trillion on Tuesday, a milestone that arrived just as long-term Treasury yields climbed to their highest levels in more than two decades, adding to the mounting cost of financing America’s growing pile of borrowing.
‘Washington Keeps Spending Money’
Former U.N. Ambassador Nikki Haley had predicted the debt would cross $40 trillion this week, and the milestone arrived just as she forecast.
In a post on X, Haley said the figure amounts to over $300,000 for every household in America and that “Washington keeps spending money we don’t have like the bill is never coming due.”
Investor Anthony Pompliano called the $40 trillion milestone “insane.”
At the time of writing, the debt stood at $40,005,709,160,531.
The Debt is Getting More Expensive to Carry
The Kobeissi Letter said U.S. interest expense on the national debt hit a record $1.4 trillion over the past 12 months, nearly tripling since 2020, with interest payments projected to climb to $1.7 trillion by November 2028 and overtake Social Security as the government’s single largest outlay.
That rising cost showed up in the bond market this week, with the 10-year Treasury note auction clearing at a yield of 4.683%, its highest level in 19 years, while the 30-year bond auction stopped at 5.216%, a 25-year peak.
Charlie Bilello, chief market strategist at investment firm Creative Planning, pointed to a similar warning sign abroad, noting that Japan’s 30-year bond yield has spiked to a record 4.05%, calling it “a preview of what’s coming for the US if we don’t get our deficit/debt spiral under control.”
The Milestone is Fueling a Political Blame Fight
Former Rep. Marjorie Taylor Greene blamed “years of foreign wars and Congress spending too much money,” warning that the national debt could climb past $50 trillion by 2032 with annual interest surpassing $2 trillion.
Well-known Wall Street financier Steve Rattner noted that Trump had promised to balance the budget and that Elon Musk had projected $2 trillion in savings, but said the deficit instead grew 18% this year, partly due to $200 billion in refunds tied to Trump’s tariffs.
Bilello added that debt has grown by roughly $600 billion since July 1 alone, calling it evidence that Washington is “spending money like drunken sailors.“
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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