The U.S. national debt has surpassed $40 trillion, raising growing concerns about the sustainability of this level of borrowing. Yields on both the 10-year and 30-year Treasury bonds have climbed to their highest levels in more than 20 years, with the bond market already reacting. Meanwhile, federal spending remains highly concentrated. Social Security and Medicare together cost $2.8 trillion ( $1.7 trillion and $1.1 trillion respectively ), forming the main drivers of fiscal pressure. The latest data show that the U.S. budget deficit has approached $2 trillion — the highest in five years and the third-largest in history — after rising 12% in just one year. Treasury Secretary Scott Bessent has said the United States can “grow its way out” of the rising debt burden, but markets clearly do not share that view. #oncoin#