US debt crosses $40T after doubling under Trump, Biden — sparking new warnings of fiscal crisis

Budget watch dogs warn that a full-blown debt crisis could erupt unless lawmakers confront an unsustainable fiscal outlook and raise taxes, cut spending or both.

‘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.

Rising costs of social safety-net programs, military and Trump’s tax cuts strain federal government budgets The US gross national debt pile has topped $40tn ⁠for the first time, the treasury department said on Wednesday, in another troubling milestone in the wake of decades of borrowing to fund government spending. As

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.