U.S. government debt reached $40.05 trillion, more than doubling from $19.4 trillion a decade earlier and rising from $30 trillion in the prior four and a half years. The Treasury reported a $432.3 billion July deficit, the highest monthly total since March 2021, with the year-to-date deficit nearing $1.8 trillion. Treasury yields have surged to levels unseen since before the global financial crisis, prompting increased long-end debt repurchases.