The total US national debt has surpassed $40 trillion for the first time, the Treasury Department said on Wednesday (Aug 19), as rising interest costs and spending pressures deepen concerns over the country’s fiscal outlook. The Treasury’s latest daily cash and debt balances statement showed total public debt outstanding at $40.047 trillion, which includes $32.266 trillion held by the public and $7.782 trillion in intragovernmental debt. The federal government’s IOU, in less than a decade, has more than doubled, with COVID-19 borrowing, tax policies and long-running spending imbalances driving the rise.
US President Donald Trump announced what he described as the “most crushing economic operation” ever directed against Iran, warning that any nation conducting business with Tehran will face severe economic consequences. In a statement released on Wednesday (Jul 19), Trump stated that while he had previously offered Iran a deal, the Islamic Republic failed to take advantage of the opportunity. “No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me. TRAGICALLY, for them, they have failed to take it. Therefore, today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY,” he said in a post on his Truth Social account.
Iran’s military is signalling a shift from retaliation to offence six months into its war with the United States, with analysts saying Tehran may be seeking greater leverage to break the stalemate, according to AFP. Since US-Israeli strikes launched the war on February 28, Tehran has largely described its attacks on the United States, Israel and Gulf countries as retaliation for strikes against Iran. However, Iranian officials are now openly prioritising offensive operations while maintaining control of the strategic Strait of Hormuz.
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Russian air strikes on Kyiv killed eight people and injured 33, the city’s mayor said, in the latest deadly attack amid the ongoing Ukraine war.
The total US national debt has surpassed $40 trillion for the first time, the Treasury Department said on Wednesday (Aug 19), as rising interest costs and spending pressures deepen concerns over the country’s fiscal outlook.
The Treasury's latest daily cash and debt balances statement showed total public debt outstanding at $40.047 trillion, which includes $32.266 trillion held by the public and $7.782 trillion in intragovernmental debt. The federal government's IOU, in less than a decade, has more than doubled, with COVID-19 borrowing, tax policies and long-running spending imbalances driving the rise.
US President Donald Trump announced what he described as the “most crushing economic operation” ever directed against Iran, warning that any nation conducting business with Tehran will face severe economic consequences. In a statement released on Wednesday (Jul 19), Trump stated that while he had previously offered Iran a deal, the Islamic Republic failed to take advantage of the opportunity.
“No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me. TRAGICALLY, for them, they have failed to take it. Therefore, today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY,” he said in a post on his Truth Social account.
Comparing the “operation” to an “Economic D-Day,” Trump said that the isolation campaign would be the most crushing ever enacted against a country.
