Former UN Ambassador Nikki Haley warned that Social Security will go bankrupt in 5 years, affecting 75 million Americans, after U.S. national debt surpassed $40 trillion. Treasury Department data put the debt at about $40.05 trillion, compared with $19.4 trillion a decade ago. The government recorded a $432.3 billion deficit in July, while the year-to-date shortfall approached $1.8 trillion. Interest payments reached nearly $1.2 trillion this year, the federal government’s largest budget expense after Social Security and Medicare. The 30-year Treasury yield rose to 5.323%, a 19-year high, while consumer prices increased 3.4% year over year in July. Sen. Rand Paul criticized government spending, and economist Peter Schiff warned that rising debt could fuel inflation. President Donald Trump defended the debt by pointing to the value of U.S. assets and supported government equity stakes in companies.