President Trump is urging Senate Majority Leader John Thune and House Speaker Mike Johnson to use a third budget reconciliation package to raise the debt limit by another $5 trillion through 2029, the end of his term, before Republicans could lose control of Congress after the midterm election. The plan faces growing opposition from fiscal conservatives who want major spending cuts and reforms alongside any increase. Sen. Thom Tillis warned that delaying action could leave the United States facing a larger crisis by 2029, with debt potentially reaching $45 trillion to nearly $50 trillion. Social Security’s trustees said the program could become insolvent by the end of 2032, potentially triggering benefit cuts of as much as 22%, while Medicare’s hospital insurance trust fund is projected to become insolvent in 2033. Rising debt concerns have also pushed up Treasury yields, mortgages and consumer borrowing costs, with the 30-year Treasury yield reaching 5.3% and the average 30-year fixed mortgage rate reaching 6.6%. Treasury Secretary Scott Bessent’s move to double the government’s debt buyback limit briefly calmed markets, but yields later climbed again. Sen. Rand Paul is opposing a debt-limit increase without major spending reforms and is promoting his Six Penny Plan, which would cut 6 cents from every federal dollar projected to be spent over five years. Investor Stanley Druckenmiller warned that liquidity measures can only delay, rather than resolve, the country’s solvency problem.