BREAKING: US federal debt surged +$422 billion in October, to a record $40.6 trillion. Since July 1st alone, US federal debt has soared +$1.2 trillion, averaging +$300 billion per month. This is equivalent to an increase of ~$10 billion per day. As a result, the US total public Debt-to-GDP ratio is up to 123%, the highest since the 2020 pandemic peak. Meanwhile, the Treasury borrowed a record $839 billion through auctions of Treasury bills and notes last week, with the majority going toward repaying holders of maturing bills. This surpassed the previous all-time high of $834 billion set during the same period in 2025. The US debt crisis is in full-swing.