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

A sign displays the national debt at a bus stop in Washington, D.C. on August 20, 2026. | Anna Moneymaker/Getty Images This story appeared in Today, Explained, a daily newsletter that helps you understand the most compelling news and stories of the day. Subscribe here. America’s national debt cleared $40 trillion for

New York Times: Trump's tax cuts and the Iran war are adding to America's growing deficit.

Annual borrowing costs now surpass $2 trillion, as federal outlays continue to exceed what the government takes in

President Trump’s promises to restore fiscal order and reduce the amount of America’s debt burden have been hampered by spending on the Iran war, tax cuts and tariff refunds.

The United States national debt surpassed $40 trillion for the first time on Tuesday, reaching another historic milestone as the federal government continues to run massive deficits.  The debt topped $30 trillion for the first time just four years ago. When the country crossed the $1 trillion mark more than four decade

Bank of America strategist Michael Hartnett warns against investing in bonds as the U.S. continues to run large deficits.