US Strike on Drug Boat Kills 3 in Eastern Pacific, Fourth Attack This Week

WASHINGTON (AP) — A U.S. military strike on a suspected drug smuggling boat in the eastern Pacific Ocean has killed three people, marking the fourth such attack this week as the Trump administration intensifies its campaign against drug trafficking.

The operation, which occurred on Monday, targeted a vessel believed to be transporting narcotics, according to defense officials who spoke on condition of anonymity. The attack is part of a broader effort to disrupt drug routes that have become increasingly active amid the Iran war and global economic pressures.

The strike comes as the U.S. faces rising interest rates and mounting debt, with the 10-year Treasury note topping 4.44%, up from 3.95% before the Iran war began in late February.

The energy price spike from the conflict has seeped into bond markets, worsening affordability pressures and hampering economic growth. Average mortgage rates have climbed to their highest levels in nine months, while auto sales are slumping.

Economists warn that the U.S. may no longer have the borrowing capacity to combat a future economic crisis, as the national debt servicing cost has tripled since 2021 to over $1 trillion annually.

President Donald Trump has promised to balance the budget, pointing to tariff revenue, visa fees, spending cuts, and a fraud task force led by Vice President JD Vance. However, economists like Jessica Riedl of the Brookings Institution say Trump's tax cut bill will likely add $5 trillion to 10-year deficits, and tariffs offset only a small fraction.

The deficit is projected to soar past $4 trillion annually within a decade under current policies.

Higher interest rates are becoming a key issue in the upcoming midterm elections, with Democratic candidates in Colorado's fifth congressional district, such as Jessica Killin and Joe Reagan, criticizing the administration's fiscal stewardship. They argue that persistent deficits and higher rates make it harder for families to afford homes, cars, and credit card debt.

Republican incumbent Jeff Crank did not respond to requests for comment.

Treasury Secretary Scott Bessent has cited a Government Accountability Office report estimating $233 billion to $521 billion in annual fraudulent spending, which he claims could be eliminated to reduce the deficit. However, those numbers were partly drawn from the pandemic era.

Bessent has set a goal to reduce the annual deficit to 3% of GDP, but did not provide a timeline. Economists say market forces may compel action before voters do, as trust in U.S.

debt repayment is essential for the bond market system.