US National Debt Exceeds $40 Trillion for the First Time
UKPulse Money Desk
The US gross national debt has surpassed $40 trillion, according to the Treasury Department, a development that may heighten concerns about a fiscal crisis.
- The US gross national debt reached $40.047 trillion on Tuesday.
- This marks the first time the US national debt has topped $40 trillion.
- Rising costs of social safety-net programs, military spending, and Donald Trump’s tax cuts are straining federal budgets.
The US gross national debt has exceeded $40 trillion for the first time, the Treasury Department announced on Wednesday. This figure, detailed in the Treasury’s daily cash and debt balances statement, showed total public debt outstanding at $40.047 trillion on Tuesday.
This milestone follows decades of government borrowing and comes as federal budgets are strained by the rising costs of social safety-net programs, military expenditures, and Donald Trump’s tax cuts. The disclosure is likely to escalate fears of a brewing fiscal crisis.
Why this matters: The increase in national debt may escalate fears of a fiscal crisis.