The US budget deficit has reached nearly $2 trillion, its highest level in 5 years and the third-largest in history.

That's a 12% jump in just one year.

Social Security and Medicare accounted for the biggest government expenses, costing $1.7 trillion and $1.1 trillion, respectively.

Meanwhile, US national debt had crossed $40 trillion, raising concerns about how sustainable this level of borrowing is.

This is already reflecting in bond markets, with 10-year and 30-year Treasury yields trading at their highest levels in over 20 years.

Treasury Secretary Scott Bessent says the US can “grow our way out of” its rising debt.

The markets are clearly not buying his story.

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