The U.S. national debt crosses $40 trillion, adding another trillion in just five months, as rising borrowing costs increasingly feed into the interest rates consumers pay.
Plus, President Donald Trump declares an “economic D-Day” against Iran, threatening major financial penalties against countries that help Tehran evade U.S. sanctions.
And Trump taps Heidi Overton to lead the U.S. Food and Drug Administration (FDA) after she helped shape his controversial childhood vaccine changes, but a key Republican senator is already calling that role “almost disqualifying.”
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US debt adds another $1 trillion in five months, topping $40 trillion
The U.S. national debt has now crossed $40 trillion, more than double what it was less than a decade ago. The speed is part of the story.
The national debt hit $38 trillion last October, $39 trillion in March, and now, five months later, $40 trillion.
The government continues to spend more than it takes in, with defense costs, Social Security, Medicare and interest on the debt consuming large shares of federal spending. That interest alone now costs the government more than $1 trillion a year.
The debt has more than doubled since the start of Trump’s first term, rising from just under $20 trillion to more than $40 trillion.
And the government is still adding to it. Just last week, the Treasury reported a $432 billion deficit for July — the fourth-largest monthly deficit in U.S. history.
Court-ordered refunds of Trump’s “Liberation Day” tariffs pushed customs revenue into negative territory for a third straight month.
So how does a $40 trillion national debt actually reach your wallet?
“So when you borrow that much money, it helps fuel greater inflation, number one. Number two, because the government is borrowing. We’re now up to $40 trillion; we’re going to have to refinance about $13 trillion of treasuries in the next year alone. So that’s about $2 trillion of new borrowing to fund the deficit and $11 trillion of refinancing. That’s a lot of debt in the market and a lot of capital that it’s taking up. That increases interest rates. So you’re seeing Treasury rates much higher than they were recently. When Treasury rates go up, all the other rates also follow. So your mortgage rate goes up, your car loan goes up, your credit card bills go up.”
Michael Peterson, chairman and CEO at the Peter G. Peterson Foundation
Congress could soon face the next debt-limit fight. The current ceiling is $41.1 trillion.
The Bipartisan Policy Center estimates the U.S. could reach that figure sometime between late winter and midsummer next year, forcing Congress to once again decide whether to raise or suspend the limit.
‘Economic D-Day’: Trump threatens countries that help Tehran evade US sanctions
Trump has opened a new front in the war with Iran, aimed at crushing Tehran’s economy. On Truth Social, the president announced what he called the “most crushing economic operation ever taken against any country.”
He threatened massive financial penalties against any country that helps Iran evade U.S. sanctions, warning of “economic warfare and isolation on an unprecedented scale.”
Trump called it “Economic D-Day.” He said Tehran has had plenty of opportunities to make a deal to reopen the Strait of Hormuz and end the war, but has refused.
The temporary U.S.-Iran ceasefire expired Monday without a new deal, but Trump insists the pressure campaign is working.
“Right now the strait is open. A lot of boats are coming through. People aren’t reporting that. And that may slow down a little bit at some point. But right now a lot of boats are coming through. The naval blockade has been extremely effective. Zero, I mean, literally, while it’s up and it’s been for quite a while, you know, except for a couple of little pauses where we opened it purposely with a deal. But the deal didn’t terminate, you know, the deal didn’t turn out to be what they said, you know, when they tell us one thing and they do another.”
President Donald Trump
Iran has already fired back with words. Its foreign minister dismissed Trump’s “Economic D-Day” on Thursday morning as a “diversion from America’s own crisis: unprecedented debt & surging interest costs.” He also predicted Trump’s new economic campaign would backfire and threaten the global economy.
Trump taps Overton to run FDA as her confirmation already faces criticism
Trump picked Heidi Overton to run the Food and Drug Administration (FDA), and her confirmation fight is already taking shape. Overton is a physician and top White House domestic policy aide who regularly briefs the president on health issues.
She’s also become a familiar face alongside Trump as he advances some of his most significant changes to American health policy.
Just last week, Overton stood with Trump as he signed an executive order to reduce the number of routinely recommended childhood vaccinations.
Now, Trump wants her to run the FDA, referring to Overton as a “rockstar” on Truth Social and saying that Health Secretary Robert F. Kennedy Jr. recently called her “always right.” But she’ll first need Senate confirmation, and one key Republican is already raising serious concerns.
Sen. Bill Cassidy, R-La., who chairs the committee that would consider her nomination, pointed directly to her role in the vaccine order, calling it “nonsensical” and saying that alone is “almost disqualifying.”
Overton could also face questions about abortion.
Before joining the White House, she celebrated the Supreme Court decision overturning Roe v. Wade. Now, the FDA is reviewing the safety of mifepristone, the widely used abortion pill.
If confirmed, Overton would replace Marty Makary, who resigned in May after clashes with the White House over issues including vaping policy and access to abortion pills.
DEA joins probe into Panettiere death as cause remains undetermined
The investigation into Hayden Panettiere’s death has expanded, with the Drug Enforcement Administration (DEA) now joining local police in South Carolina.
The 36-year-old actress’s cause of death remains undetermined, and authorities have not said whether drugs played a role. But more information about what first responders encountered has been revealed.
Paramedics allegedly told dispatchers the scene was a possible overdose. Reports say Narcan, the medication used to reverse opioid overdoses, was found inside the Greenville apartment.
The New York Times reported that emergency workers found Panettiere unresponsive and in cardiac arrest on Sunday and were unable to revive her.
The coroner said toxicology results are still pending.
The DEA has become involved in other high-profile celebrity death investigations, including the 2023 overdose death of “Friends” star Matthew Perry. That investigation ultimately led to five people being charged, including two doctors and the woman prosecutors called the “Ketamine queen.”
New White House helipad could be ready before Xi visit, Trump says
Trump has spent a lot of time remaking parts of the White House, and on Wednesday he revealed new details about his latest project on the South Lawn. He personally led reporters there to showcase the White House helipad and some of the modifications he commissioned.
At one point, Trump said he had part of the work redone because he didn’t like the slope.
The new landing area is now being constructed with white granite instead of the traditional grass landing pad used by Marine One. The project aims to accommodate the next generation of Marine One helicopters, which officials fear could damage the lawn. Trump has another purpose in mind, too: entertainment.
“And again, this is going to be used for a lot of different celebrations, a lot of different big meetings, where, as an example, President Xi is coming in a little while, a couple of weeks, and we didn’t plan to have this done, but it’s gone so well,” Trump said.
There is also a deadline: Chinese President Xi Jinping is expected at the White House in late September, and workers told Trump they expect to complete the helipad just days before his arrival.
Trump left a mark by signing the back of a large granite eagle, which will become part of the presidential seal on the helipad. This new helipad will also change one of the White House’s most iconic sights: Marine One landing directly on the South Lawn. Trump says the new structure will last “long after we’re gone.”
Harry and Meghan set sights on UK return but will keep homes outside Britain
While it’s not exactly a royal reunion, it could be a step toward that. Prince Harry and Meghan, the Duchess of Sussex, are planning to move back to the U.K.
Harry, Meghan and their children, Archie and Lilibet, are expected to return as private citizens, not working members of the royal family.
This marks a significant change for a couple who left Britain for California in 2020 after stepping back from their royal duties. It’s also a personal shift for Harry, who last year said he “couldn’t see a world” where he would bring his family back to the U.K. because of ongoing security disputes.
Despite this, the family returned last month for a private visit with King Charles and Queen Camilla, their first with the king in years.
The Telegraph reported Harry and Meghan plan to live in a private residence near London, while retaining their homes in California and Portugal. King Charles reportedly became aware of these plans on Sunday and is said to be pleased.
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