The US gross national debt reached $40 trillion for the first time on Wednesday, marking the highest level in US history. This milestone follows a decade in which the government deficit doubled, with spending increasing under both former President Donald Trump and current President Joe Biden.
During his first term, Donald Trump approved $8.4 trillion worth of debt, with a significant portion allocated to Covid-19 relief spending. President Joe Biden has since approved $4.3 trillion worth of debt. In the current fiscal year 2026, which began in October 2025, an additional $1.8 trillion has been added to the national debt.
The $40 trillion figure has drawn outrage from both Democratic and Republican politicians. Democrats have attributed the increased spending to Trump and a Republican-controlled Congress. Republican congressman Thomas Massie highlighted that the interest paid on the debt amounts to $4,000 per year per American, or $16,000 annually for a family of four.