U.S. national debt crosses $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. The milestone figure was recorded just five months after the U.S. hit a record $39 trillion debt in March. It reached $38 trillion five months before that, in October. The unprecedented $40 trillion figure highlights competing administration priorities,…