The U.S. Treasury Department’s latest daily statement shows gross national debt has breached $37 trillion for the first time, less than eight months after the $36 trillion mark and roughly five years ahead of pre-pandemic projections by the Congressional Budget Office. The rapid climb underscores the pace at which Washington is borrowing following pandemic-era relief measures and fresh tax-and-spending legislation enacted this year. Treasury data also reveal the federal budget deficit widened to $291 billion in July, a 19 percent increase from a year earlier. Government outlays jumped 10 percent to a record $630 billion for the month, while receipts rose just 2 percent to $338 billion despite an unprecedented $27–28 billion haul from President Donald Trump’s tariffs. After the first 10 months of fiscal 2025, the cumulative deficit stands at $1.63 trillion, up 7 percent from the comparable period in 2024. Interest payments on the public debt have already surpassed $1 trillion this fiscal year, and spending on Social Security and health-care programs continues to climb, outpacing revenue gains even with tariffs boosting customs duties to $135.7 billion so far. Fiscal analysts, including the Peter G. Peterson Foundation, warn that the government is now adding about $1 trillion to the debt roughly every five months, raising concerns that rising borrowing costs could crowd out other budget priorities and pressure long-term economic growth.