Washington's $40 Trillion Debt Problem Deepens as Deficits Pressure Long-Term Rates

US national debt has topped $40 trillion, and persistent deficits are putting upward pressure on long-term interest rates, Bloomberg reported. Economists including Natasha Sarin of the Yale Budget Lab say heavier government borrowing ultimately raises household costs for mortgages, car loans and other financing. Former House Speaker Paul Ryan says the country can change course, but must confront politically difficult questions about entitlement spending, taxes and Social Security before markets force Washington to act.