Financial markets and investors are reacting to the rapidly growing U.S. national debt, which is approaching a record of $40 trillion, by requiring greater returns for those who invest in America’s debt obligations.

Yields on U.S. Treasurys have been elevated recently, in part due to the growth in debt, with the federal government projected to run a roughly $2.1 trillion budget deficit this fiscal year, according to the nonpartisan Congressional Budget Office (CBO).

Two recent Treasury auctions in the last week drew attention due to the yields reaching historic levels – the sale of 10-year notes cleared at a high of 4.683%, the highest in 19…

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