US national debt exceeds US$40tn for the first time

The US’ gross national debt has surged past US$40 trillion for the first time, government data showed on Wednesday, outstripping earlier forecasts at a pace fueled in part by US President Donald Trump’s invalidated tariffs.The record comes as longer-term US obligations linked to social security and healthcare have been growing, while interest payments have climbed as well.Total outstanding public debt was US$40.05 trillion at close on Tuesday, US Department of the Treasury data showed. An electronic display shows the US’ national debt in Washington on Wednesday. Photo: AFP That surpasses an earlier forecast by the Congressional Budget Office that overall borrowing would hit US$39.4 trillion by the end of this fiscal year.Rising US debt comes as concerns over inflation and government spendi