US national debt passes $40tn after doubling in a decade
The US national debt has surpassed $40 trillion, doubling over the last decade due to increased government spending and rising interest rates. Experts warn that the rapid growth in debt, coupled with geopolitical tensions and high borrowing costs, poses long-term economic risks.
Why it matters
Escalating national debt levels influence interest rates for consumers and impact the overall stability of the federal budget.
Image source, Getty Images By Michael Race and Francisco Velasquez , Business reporters , Reporting from New York Published 19 August 2026 Updated 2 hours ago US national debt has more than doubled in a decade to reach a milestone $40tn (£29.4tn), Treasury figures show.
The rise reflects years of heavy spending under both the Trump and Biden administrations, along with higher interest payments that have steadily added to the total. In 2016, the national debt stood at just under $20tn.
The Congressional Budget Office (CBO) had projected overall borrowing would reach $39.6tn by the end of fiscal year 2026 , external .
The faster-than-expected rise has sharpened concerns about how quickly the government's borrowing needs are growing and what that means for future interest costs.
The CBO said the US is nearing its $41.1tn debt ceiling, with debt projected to climb to about $64tn by 2036.
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