US gross national debt tops $40tn for first time
The US national debt has surpassed $40 trillion for the first time, driven by a decade of increased government spending. The milestone reflects significant borrowing under both the Trump and Biden administrations, raising concerns about inflation and fiscal stability.
Why it matters
The record-breaking debt level poses long-term risks to the US economy, potentially impacting inflation, interest rates, and the government's ability to fund future priorities.
The US Department of the Treasury headquarters building in Washington DC on 27 May. The US Department of the Treasury headquarters building in Washington DC on 27 May. US debt ceiling US gross national debt tops $40tn for first time Milestone marks years of government spending that grew under both Donald Trump and Joe Biden
Prefer the Guardian on Google US debt reached $40tn for the first time on Wednesday, the US treasury department said, after the government deficit doubled over the last decade.
The treasury’s latest debt balance showed $40.047tn on Tuesday afternoon, the highest in US history.
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