The US national debt now stands at $40 trillion
WASHINGTON (AP) — The national debt has surpassed a record $40 trillion, highlighting the impact of defense costs, social programs, and interest on the deficit. This milestone comes just five months after hitting $39 trillion. Experts say the growing debt is already affecting Americans by raising borrowing costs and lowering wages. Advocates for a balanced budget warn of tougher fiscal tradeoffs ahead. Margaret Spellings from the Bipartisan Policy Center says the fiscal trajectory is unsustainable. The U.S. is subject to a statutory debt limit, which Congress may need to address again by 2027.
Why Treasury Secretary Bessent's moves to calm the bond market haven't worked so far
WASHINGTON (AP) — Interest rates rebounded Thursday despite efforts by Treasury Secretary Scott Bessent to put a lid on longer-term borrowing costs. The yield on the 10-year Treasury note, a key benchmark for mortgage rates, rose back to 4.69% Thursday. That is nearly where it stood early Wednesday before Bessent surprised financial markets by announcing that Treasury would double the size of a bond buyback program starting next month. The rebound in yields signals more will be needed to calm investors' worries about burgeoning government debt, heavy borrowing by tech firms, and the Federal Reserve’s commitment to fighting inflation.
The bond market swings back to worries and knocks US stocks lower
NEW YORK (AP) — The relief that swept the bond market just a day earlier disappeared as oil prices, worries about high inflation and the U.S. government’s debt kept rising. That helped knock the U.S. stock market to its worst loss in three weeks on Thursday, and Walmart led the way on concerns about its upcoming profits. The S&P 500 fell 0.9% for a fourth loss in the five days since setting its record last week. The Dow Jones Industrial Average dropped 1.3%, and the Nasdaq composite sank 1%. Treasury yields climbed after the price of Brent crude rose 2.4% following President Donald Trump's latest threat to Iran.
Trump keeps embracing data centers even as they become toxic in midterm races
WASHINGTON (AP) — President Donald Trump has voiced strong support for AI and data centers, emphasizing their economic benefits and importance in the global AI race. Candidates in competitive midterm elections, however, are far less accepting. Data centers have become a contentious issue, with concerns about energy costs and environmental impact. In Ohio, Republican Jon Husted faces attacks over his support for data centers. In Nevada, Democrat Aaron Ford accused Republican Gov. Joe Lombardo of aligning with Trump on the issue. The debate reflects broader tensions over technology and local impact.
Walmart is cautious with expectations after slowest sales growth in 6 years
NEW YORK (AP) — Walmart reported its slowest growth in U.S. comparable sales in six years during its most recent quarter, and it offered a reserved upgraded outlook. The results, announced Thursday, fanned some concerns about the health of its core low-income shoppers who are spending cautiously as they see prices go up at the gas pump and everywhere else. Shares were down more than 8% in early morning trading.
Meta defends its child safety efforts but critics say the social media giant falls short
CHICAGO (AP) — Meta is defending itself in a California federal court against allegations that its social media business poses harms to children and teenagers. Four states accuse Meta of contributing to the youth mental health crisis by deliberately designing features that get children addicted to scrolling. The company says it has implemented safety measures for young users and will add more. Instagram and Facebook have added features over the years to report inappropriate content and enhance privacy, but critics argue these safety measures are insufficient and ineffective.
Canadian provincial leader says Trump is a ‘bad person’ as Canada weighs concessions for trade deal
TORONTO (AP) — The premier of a Canadian province launched a blistering attack on U.S. President Donald Trump on Thursday, calling him a “bad person” and “not to be trusted” and urging Canada to keep fighting rather than rush to make concessions in trade talks with Washington. Manitoba Premier Wab Kinew says Canada has leverage in the talks even as his province weighs restoring U.S. alcohol sales at Prime Minister Mark Carney’s urging to help secure a deal that would avert threatened 50% U.S. tariffs. Despite his criticism of Trump, Kinew said Manitoba may go along with Carney’s request as part of a “Team Canada” approach. But he urged consumers to keep buying Canadian even if U.S. products return to provincial liquor stores.
Cash-hungry college sports programs are starting nonprofits to make money to stay competitive
NEW YORK (AP) — To compete in the increasingly commercialized world of college sports, a growing number of universities are turning to nonprofits, limited liability companies and other “associated entities” to generate more revenue. There’s “feverish” interest from higher education in these offshoots, say experts. But there’s also scrutiny from Congress. Widespread privatization could further transform universities into profit-driven businesses resembling professional sports franchises, weaning them off fatigued donors and opening the door to private capital. University of Louisville Athletic Director Josh Heird says athletic departments will do whatever they can "to create even the smallest sort of competitive advantage.”
Prices soar as Gaza smuggling booms. Officials, soldiers and middlemen are accused of cashing in
CAIRO (AP) — The smuggling of goods restricted by Israel into Gaza has boomed. Items from cigarettes and iPhones to fuel and solar panels make their way to the territory devastated by war. Palestinians face inflated prices for groceries and batteries. Hospitals turn to smugglers for medicine and equipment. Israeli soldiers and other middlemen are accused of pocketing millions. That's all according to an Associated Press investigation based on court documents and interviews with traders, truckers and officials. Most spoke on condition of anonymity over safety concerns and the trade's illegal nature. Smuggling is vital to Gaza's economy. Cigarettes and tobacco make the top profits. Residents long for price relief. Israel's military says it takes smuggling seriously, working to prevent it.
As workplace surveillance grows, experts say it's good to know the ways your employer is watching
NEW YORK (AP) — Employers are increasingly using technology to monitor the whereabouts, productivity and communications of workers. Digital tools can track locations, collect data on how long it takes to perform a task, and access smartphone and laptop cameras. The trend is raising concerns about how much privacy employees have given up, especially with more people working from home. Some employers use these tools transparently, but others do not. In some states, laws require employers to notify workers if they’re being monitored. Experts recommend learning the types of data your organization collects and how it uses the information. They also advise not using work devices for personal matters to protect your privacy.
