Driving the news: Global debt surged by $7.5 trillion in the first half of the year, hitting a new record of more than $250 trillion, according to data released Thursday from the Institute of International Finance.

The world’s debt has now risen to 320% of what it produces, the highest level recorded — and IIF economists say they see “no sign of a slowdown.”

They expect the global debt load to exceed $255 trillion by the end of the year.

The U.S. budget deficit rose 34% in October from a year earlier, and the U.S. and China are leading the debt binge with more than 60% of the world’s total, IIF notes.