Insight & analysis on the White House and Capitol Hill.

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Total US public debt surpassed $40 trillion for the first time, and has now surged by a third in less than five years, as US lawmakers continue to shrug off calls to contend with historically wide fiscal deficits.

Public debt outstanding stood at $40.05 trillion as of the close of business Tuesday, a Treasury Department release on Wednesday showed. 

The news came hours after Treasury Secretary Scott Bessent made a fresh attempt to rein in long-term borrowing costs from multi-year highs — a notable component of the growth in debt. The Treasury said it’s ramping up a buyback program for longer-dated securities, in an announcement that sent yields lower.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Ashton Analytics Founder Anna Ashton.
• Stonecourt Capital Partner Rick Davis and Third Way Senior Fellow Caitlin Legacki.
• CFTC Chairman Michael Selig.