The U.S. national debt surpassed $40 trillion, according to the Treasury Department’s recent data. This significant milestone reflects a doubling of the total outstanding debt in less than ten years. The debt first crossed $20 trillion in late 2017 and reached $39 trillion in March.

Fiscal critics expressed immediate concern. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, urged lawmakers to address the issue. She warned that the consequences of not taking action could be severe, emphasizing various warning signs including the growing debt-to-economy ratio.

In the first quarter of 2026, the national debt was about 122 percent of the U.S. gross domestic product, which stood at $31.87 trillion.

Other key developments include:

• Trade Talks: President Trump announced a breakthrough in trade negotiations with Canada, averting new 50 percent tariffs. Despite his claims of no tariffs on U.S. exports, the deal remains unsigned.
• Treasury Department Actions: The department announced plans to increase the buyback limit of U.S. debt. This decision led to declining bond yields and a rise in stock prices.
• International Relations: The United Arab Emirates halted trade with Iran after accusing it of launching missiles toward the UAE.

A poll revealed that most Americans view it as inappropriate for President Trump to gain financially from cryptocurrency during his presidency.

Selected business and economic highlights from other media include slow growth in OpenAI’s second-quarter sales compared to Anthropic (Wall Street Journal) and SK Hynix’s efforts to stabilize the market with a $29 billion share buyback (Bloomberg).

In other news, a U.S. Air Force plane en route from New Zealand to Antarctica turned back due to a space activity warning.

Democrats took delight as Sen. Jon Ossoff (D-Ga.) managed to provoke President Trump and his aides.