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

US national debt crossed $40 trillion, exceeding annual GDP, as interest payments approach $1 trillion, with economists warning of painful adjustments ahead.TOI correspondent from Washington: The United States’ national debt crossed $40 trillion on Tuesday, a number so large that even breaking it up with commas can sca

WASHINGTON, Aug 19 (Reuters) - Total US debt has topped $40-trillion for the first time, the Treasury Department said on Wednesday, drawing fresh warnings that a fiscal crisis is brewing as ballooning costs for social safety-net programs and interest payments far outstrip revenues held back by tax cuts.

The Treasury's latest daily cash and debt balances statement showed total public debt outstanding at $40.047 trillion on Tuesday, a total that includes Treasury securities held by the public of $32.266 trillion and intra-governmental debt holdings of $7.782 trillion.

The U.S. national debt crossed $40 trillion on Tuesday, according to newly released data from the Treasury Department.   It marks a key milestone for the U.S., which has seen its total outstanding debt double over less than a decade. This sum first crossed the $20 trillion mark in late 2017 and reached $39 trillion jus

‘It is staggering how predictable the fiscal decline of a global power can become,’ the president of the Committee for a Responsible Federal Budget said

Fresh warnings are sounding that a fiscal crisis is brewing.

US debt crosses $40 trillion threshold after doubling under Trump and Biden  Reuters

"To anyone who cares about America, about democracy and our future, in my view, this is already a crisis," Michael Peterson told Fortune.

The country’s national debt is now over $40 trillion for the first time in history, leading economists to warn that the United States is staring down a fiscal reckoning. The Treasury Department reported on Wednesday that the debt crossed the $40 trillion mark the day before. Concerningly, the government has been runnin