US national debt surges past $39 trillion

The U.S. national debt has hit a record $39 trillion. The deficit hit the milestone Wednesday just weeks into the U.S.-Israeli war in Iran. The Government Accountability Office says rising debt can raise borrowing costs for mortgages and cars. It can also squeeze wages and push up prices. Budget advocates warn that growing interest payments force tougher tradeoffs. The federal debt has surged under both Republican and Democratic presidents, most recently fueled by wars, large-scale pandemic spending and tax cuts. The U.S. national debt hit $38 trillion five months ago — and $37 trillion two months before that.