The $40 Trillion Problem Washington Won’t Talk About

America's national debt has climbed past $40 trillion, and persistent deficits are putting upward pressure on long-term interest rates. Economists including Natasha Sarin of the Yale Budget Lab argue heavier government borrowing filters through to households as higher mortgages, car loans, and other financing costs. Former House Speaker Paul Ryan says the country can still change course but must confront politically difficult questions on entitlements, taxes, and Social Security before markets force action.