From mortgages and retirement accounts to the federal budget, rising bond rates can have far-reaching consequences. CNN’s Matt Egan explains what’s driving rates higher and why it matters for consumers and the economy.
The United States is digging itself into an ever-deeper debt hole. The federal debt hit a record $40 trillion on Tuesday, according to the Treasury Department. It’s an inauspicious milestone that will have consequences for Americans, businesses and the government for years to come. While the nation has long carried a significant amount of debt, there are several recent trends that have budget and financial markets experts even more concerned. CNN's Matt Egan explains what it all means. Also, John Berman asks Stef Kight and Margaret Talev from Axios how much of a problem it is for Republicans. And CNN's Kate Bolduan speaks to Rep. Stephen Lynch from the Financial Services Committee about why the US Congress always talks about the national…