Eight members of the Democratic caucus, who backed a late-night deal aimed at reopening the government and ending the 40-day shutdown, have ignited backlash from inside their own coalition, with critics slamming the move as a “pathetic” surrender.

The U.S. national debt has surged past $38 trillion, according to the U.S. Treasury Department, just two months after surpassing previous forecasts to reach $37 trillion in August. This means the federal debt rose by $1 trillion in a little over two months, which the Peter G. Peterson Foundation calculates is the fastest rate of growth outside the pandemic.

The president-elect floated the idea a day after he came out against the bipartisan spending deal to fund the government and avert a shutdown

The International Monetary Fund leveled an unusually direct criticism at US policymakers Tuesday, saying the country’s recent standout performance among advanced economies was in part driven by an unsustainable fiscal policy.

The U.S. national debt topped $34 trillion for the first time ever, crossing a critical milestone at a time when government spending is already under scrutiny.

Back in July, when we last looked at the unprecedented horror show that is the US budget deficit - and concluded correctly, long before the Q2 Quarterly Refunding Announcement, that debt issuance was about to explode and yields would soar - we warned that the debt Rubicon was about to be crossed and "US Debt Interest Payments Are About To Hit $1 Trillion."

US Treasuries may face renewed selling pressure into the new year if the nation’s swelling debt repayment bill is any guide.

WASHINGTON, Oct 20 (Reuters) - The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose.

A bill to raise the debt limit and cap government spending passed in the House by a wide margin late Wednesday, sending the bill to the Senate just days before Monday’s U.S. default deadline.

WASHINGTON, May 16 (Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday warned that a default on government debt would likely leave millions of Americans without income payments, potentially triggering a recession that could destroy many American jobs and businesses.

Last week the House passed legislation increasing the debt ceiling. The bill was supported by all but four Republicans. For some Republicans, this was the first time they had ever voted for a debt ceiling increase. Perhaps the reason they did so this time was because the legislation also promised to reduce federal spending by $4.5 trillion over the next decade. Most of those spending reductions are achieved by rolling back Fiscal Year spending to 2022 levels and then limiting increases in spending to one percent for the next ten years. The bill also returns unspent COVID relief money to the US Treasury and eliminates President Biden’s student loan forgiveness programs.

Congressional Budget Office projections released on Wednesday suggested rising interest rates and bipartisan spending bills are adding to deficits.

High oil prices and inflation contribute to wider trade gap

WASHINGTON — America’s gross national debt exceeded $31 trillion for the first time on Tuesday, a grim financial milestone that arrived just as the nation’s long-term fiscal picture has darkened amid rising interest rates.