US national debt exceeds US$40 trillion for first time

WASHINGTON: The US gross national debt has surged past US$40 trillion for the first time, government data showed on Wednesday (Aug 19), outstripping earlier forecasts at a pace fuelled in part by President Donald Trump's invalidated tariffs.The uptick in borrowing comes as longer-term US obligations linked to social security and health care have been growing, while interest payments have climbed as well.Total public debt outstanding stood at US$40.05 trillion at the close of business on Tuesday, according to data released on Wednesday by the Treasury Department.This stands in contrast to an earlier forecast by the Congressional Budget Office that overall borrowing would hit US$39.4 trillion by the end of fiscal year 2026. Rising US debt comes as concerns over inflation, war in the Middle E