Welcome to the daily Inside Scoop newsletter. It’s Emily. The U.S. government is spending so much more money than it’s generating that the national debt has hit $40 trillion. The rub is that while both Trump’s and Biden’s administration spending contributed to the problem, neither party shows the political will to solve it. Business correspondents Christine Romans and Brian Cheung shed light on the dilemma. Let’s get into it.

Chief business correspondent Christine Romans can explain how the national debt got so eye-poppingly high in three words: “bipartisan bad habits.”