US debt tops $40 trillion - $20 trillion since Trump first took office
The US national debt has surpassed $40 trillion, doubling since 2017 due to increased spending on defense, healthcare, and interest payments. Fiscal watchdogs warn that this record-level borrowing is placing significant pressure on the broader economy.
Why it matters
The rapid accumulation of national debt impacts long-term economic stability and federal budget flexibility for future administrations.
The US national debt has crossed the $40 trillion mark for the first time, according to Treasury data showed on Wednesday. The milestone comes as rising spending on defence, Social Security and Medicare, alongside mounting interest payments, pushes federal borrowing to a record level.The latest milestone comes as the pace of borrowing outstrips earlier forecasts, with longer-term obligations for healthcare and retirement benefits continuing to grow.The debt stood at $40.047 trillion on Tuesday, including $32.266 trillion held by the public and $7.782 trillion in intragovernmental holdings, according to Treasury data.This came less than five months after the debt crossed $39 trillion.
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