Here's how America's $40 trillion debt can hit your wallet

The U.S. national debt this week topped $40 trillion, raising fresh concerns about how rising federal borrowing could affect Americans' finances. Why it matters: Americans don't personally owe the national debt, but rising debt could pressure lawmakers to raise taxes, cut spending or change federal benefits. State of play: The gross federal debt hit $40 trillion for the first time on Wednesday. That figure includes debt the government owes itself. Economists usually focus on the roughly $32…