The US national debt is about to cross $40 trillion for the first time. This milestone, expected within days, is accelerated by Supreme Court-ordered tariff refunds estimated between $165 billion and $170 billion. The federal deficit in July 2026 reached $432.3 billion, an all-time single-month record. For the first ten months of fiscal year 2026, the cumulative deficit stands at approximately $1.799 trillion. Bank of America projects national debt could reach $50 trillion by July 2029.
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