Cook Political shifts Texas and Iowa Senate races to toss-ups as US debt tops $40 trillion

Cook Political Report moved the open US Senate races in Texas and Iowa from “Lean Republican” to “Toss Up” on 20 August, judging both contests to be more competitive than its previous ratings suggested. In Texas, Republican Attorney General Ken Paxton faces Democratic state representative James Talarico; in Iowa, Republican US Representative Ashley Hinson is running against Democratic state representative Josh Turek. The non-partisan election forecaster said polling and the broader political environment had made the races too close to remain in the Republican-leaning category, while still assessing Republicans as having a narrow overall advantage in the battle for the Senate. It also shifted the Texas governor’s race from Solid Republican to Likely Republican and Iowa’s governor’s contest from Toss Up to Lean Democrat.

Separately, US total public debt outstanding passed $40 trillion, reaching about $40.05 trillion on 18 August according to Treasury data. The milestone came roughly five months after debt first exceeded $39 trillion. Federal borrowing has grown as spending has exceeded revenue, with major programmes, defence spending and rising interest costs among the pressures on the budget. The White House said it was pursuing cuts to waste, fraud and abuse alongside economic growth, while fiscal-policy groups and some economists warned that higher debt and interest costs could constrain future spending and contribute to higher borrowing costs. Other analysts argued that the economic consequences depend on wider conditions, including growth and demand for US government debt.