US gross national debt passed $40 trillion for the first time, per Treasury data released Wednesday. Long-term US Treasury yields hit their highest level since 2007, so the US government now refinances at the highest rates since before 2008. Economists say this is a symbolic threshold, not an automatic crisis trigger. For a Thai SME, the indirect risk is higher global interest rates and a tighter credit environment, which could raise borrowing costs for consumers and businesses. No action is needed now; keep an eye on loan rates and baht movements when planning financing.