How the U.S. government went from a balanced budget to $40 trillion in debt

Now PlayingUP NEXTU.S. debt balloons to record-breaking $40 trillion02:21Canada and U.S. resume trade talks ahead of Trump administration's new tariffs03:29CPI shows inflation rose 0.1% from June to July04:36Job losses in July reveal weakening U.S. labor market06:29U.S. economy lost 23,000 jobs in July03:18Dow and S&P 500 hit record highs fueled by Iran talks and AI-linked earnings02:27More Americans moving to the Midwest amid nationwide affordability crisis02:03Fast food restaurants are eating up the high cost of beef02:36Trump says he wants tariffs on Iran to be added to Russia sanctions bill00:42Federal Reserve votes to keep interest rates unchanged03:21U.S. Strategic Petroleum Reserve hits lowest level since 1983 while oil prices surge03:57President Trump announces new tariffs on dozens of countries02:04Iran war pushes gas prices back above $4 per gallon00:50Trump imposes 50% tariffs on dairy, alcohol, and cars from Canada02:16WH teleprompter operator on leave for alleged insider trading on Trump's speeches02:41Truth Social plans to sell Wall Street firms 'fast' access to president's posts03:09Inflation eases to 3.5% in June05:23Walmart digital price tags collide with shopper anxiety over 'surveillance pricing'04:07'Supergirl' flop raises questions about superhero fatigue and sexism in Hollywood03:00Hallie Jackson NOWNow PlayingHow the U.S. government went from a balanced budget to $40 trillion in debt03:24UP NEXTU.S. debt balloons to record-breaking $40 trillion02:21Canada and U.S. resume trade talks ahead of Trump administration's new tariffs03:29CPI shows inflation rose 0.1% from June to July04:36Job losses in July reveal weakening U.S. labor market06:29U.S. economy lost 23,000 jobs in July03:18