Trump’s America faces a ‘doom loop’ as it falls in a $56 trillion hole
US public debt has surpassed $40 trillion, marking a significant increase in less than five years. Despite concerns from economists and Treasury officials, political gridlock continues to prevent meaningful fiscal reform.
Why it matters
The rapid accumulation of national debt poses long-term risks to the US economy and global financial stability.
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Share A A A Total US public debt surpassed $US40 trillion ($56 trillion) for the first time, and has now surged by a third in less than five years, as US lawmakers continue to shrug off calls to contend with historically wide fiscal deficits.
Public debt outstanding stood at $US40.05 trillion as of the close of business on Tuesday (Washington time), a Treasury Department release showed.
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