The U.S. Treasury Department said gross national debt exceeded $37 trillion this week, the first time the government’s balance sheet has crossed that threshold. Treasury data put the figure at roughly $37.0 trillion on Tuesday, less than eight months after the $36 trillion mark was reached and far earlier than pre-pandemic forecasts that projected the milestone after 2030. Borrowing has accelerated sharply since Congress lifted the debt ceiling on July 4 through the “One Big Beautiful Bill Act.” In the five weeks following the law’s enactment, outstanding debt rose about $780 billion—an average of $22 billion a day—driving the latest jump. The new law, which extends and deepens earlier tax cuts while increasing spending, is expected by the Congressional Budget Office to add about $4.1 trillion to the debt over the next decade. Economists warn the mounting red ink is straining federal finances. Publicly held debt is on track to reach 99 percent of GDP this year, while annual interest costs are nearing $1 trillion. “Government borrowing is pushing up interest rates and crowding out private investment,” said Michael Peterson, chief executive of the Peter G. Peterson Foundation. Maya MacGuineas, who heads the Committee for a Responsible Federal Budget, called the milestone “a wake-up call” for lawmakers to tackle deficits that have been swelling by roughly $1 trillion every five months.