Today's newsletter is brought to you by the numbers 37 trillion and 291 billion

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Today's most important economic numbers are 37 trillion and 291 billion, and they're both bad.

On Tuesday, the Treasury Department said that the national debt has surpassed $37 trillion, which is the highest that it's ever been.

The Associated Press reports that the level of government debt has accelerated significantly in the past few years. In 2020, the debt was not projected to cross the $37 trillion mark until fiscal year 2030. Most of that increase was because of increased government spending during the COVID-19 pandemic and the economic shutdown.

The U.S. is now adding a trillion to the debt every five months, which is more than twice as fast as the average rate over the last quarter century.

The massive tax cuts and spending bill signed into law by President Donald Trump last month is projected to add another $4.1 trillion to the deficit over the next decade.

At the same time, the government's budget deficit grew to $291 billion in July, a 20% increase over the previous month. That includes a $21 billion increase in revenue from President Trump's tariffs.

That growing deficit comes despite the efforts of Elon Musk's DOGE, which claims to have made massive cuts to the federal government - but doesn't have much to show for it. DOGE claims it has cut $52.8 billion through July, but just $32.7 of that can be verified. The actual savings, according to Politico, were closer to just $1.4 billion.

Overall, the budget deficit is more than $1.6 trillion, which is 7% higher than the previous year.

Early results from Utah's municipal primary elections. [KSL]

Utah Board of Education member praises Unabomber, claims "McCarthy was right" in bizarre speech. [Utah Political Watch]

Former congressional candidate to lead Utah's Planned Parenthood as health care group goes on offense. [Salt Lake Tribune]

Attorneys for Utah death row inmate worry a delayed ruling could deny him due process. [Utah News Dispatch]

Salt Lake County's largest water provider just raised property taxes, renewing debate over how Utahns pay for water. [Salt Lake Tribune]

The White House is vetting exhibits at the Smithsonian museums to make sure they align with President Donald Trump's interpretation of American history. [Wall Street Journal]

Republican cuts to food assistance programs will lead to 2.4 million fewer Americans receiving food stamps. [Guardian]

Over 60,000 people are in immigration detention, which breaks the modern record set during the first Trump administration. [New York Times]

A federal appeals court ruled DOGE staffers can access potentially sensitive data on millions of Americans. [New York Times]

UFC CEO Dana White says his organization will stage a fight at the White House on July 4, 2026, marking America's 250th birthday. [CBS News]

European leaders are holding a series of virtual meetings with Ukraine President Volodymyr Zelensky ahead of President Trump's meeting with Russian President Vladimir Putin on Friday. [Financial Times]

Russia is suspected of being behind a breach of the online federal court filing system. The hack could reveal sources and people charged with national security crimes. [New York Times]

U.S. inflation grew faster in July than at any other point in 2025. The core consumer cost jumped by 0.3% in June. [Bloomberg]

Treasury Secretary Scott Bessent argues interest rates are too restrictive and should be lowered. [Bloomberg]

The Department of Veterans Affairs is facing a severe staffing shortage of workers, especially at veterans health centers. [Washington Post]