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The Iran War’s Economic Threat to Europe and Asia

Source: nytimes.com

US national debt just hit a record $39 trillion mere weeks into the war in Iran.
War costs already exceed $12 billion, with estimates for two months reaching $40-95 billion and pushing deficits higher.
Surging defense spending clashes with Trump's promises to cut debt amid tax cuts and rising interest payments.

The US is drowning in debt as the fresh war with Iran explodes military spending, just as massive tax cuts and other priorities strain the budget. Debt crossed $39 trillion this week, spotlighting how war accelerates fiscal chaos. This matters because unchecked borrowing risks higher costs for everyday Americans and weakens national security.