The 10-year Treasury yield hit 5.04%, its highest since 2007, while the gross national debt crossed $40 trillion, adding a trillion dollars every five months. Net interest payments reached $970 billion, surpassing defense spending and becoming the fastest-growing major budget category. All three major credit rating agencies have stripped the United States of its AAA rating, and the dollar’s reserve currency status, which enables these deficits, now faces serious risk. Congress has failed to pass any of the 12 appropriations bills on time for fifty years, with budget discipline mechanisms routinely circumvented through fiscal gimmicks.
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