US debt crosses $40 trillion threshold after doubling under Trump and Biden
Interest payments are rising as the debt burden reaches a level that economists and budget watchdogs warn could strain future spending and growth.
- U.S. national debt has surpassed $40 trillion for the first time, marking a doubling from roughly $19.95 trillion in 2017 and underscoring the rapid expansion of federal borrowing.
- Both the Trump and Biden administrations oversaw major increases in the debt, with Reuters estimating that Trump’s terms have added about $11.6 trillion and Biden’s presidency about $8.4 trillion, alongside pandemic spending and persistent budget deficits.
- Rising interest costs and spending on Social Security and health programs are putting increasing pressure on the federal budget, with interest payments now exceeding Medicare spending as an expense.
- Economists and fiscal watchdogs are warning that continued deficits could create greater financial risks, while weaker demand for U.S. government bonds and higher long-term Treasury yields are adding to concerns about the country’s fiscal outlook.
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114 Articles
The US national debt has surpassed $40 trillion for the first time. The debt has risen by $1 trillion in just five months, raising interest costs and economic concerns for ordinary people.
“Doom Loop” Engaged: US Debt Hits $40 Trillion As Treasury Enters The Endgame
-> It took the US 200 years to reach its first $1 trillion in debt. It took 95 days to add its last. After several weeks of build up, today the Treasury announced that total public debt surpassed $40 trillion for the first time, after jumping by over $60 billion in one day, and has now surged by $1 trillion in just over three months, and by a third of the total in less than five years, as US lawmakers continue to ignore calls to contend with h…
US debt crosses $40T after doubling under Trump, Biden — sparking new warnings of fiscal crisis
Total US debt has topped $40 trillion for the first time, the Treasury Department said Wednesday, drawing fresh warnings that a fiscal crisis is brewing as ballooning costs for social safety-net programs and interest payments far outstrip revenues held back by tax cuts.
The US national debt now stands at US$40 trillion
The national debt surpassed a record $40 trillion on Wednesday, a staggering milestone as defense costs, social programs like Social Security and Medicare and interest on the burgeoning deficit make up an enormous share of federal spending.
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