US Public Debt Climbs Above $40 Trillion for the First Time

Total US public debt stood at $40.05 trillion as of the close of business Tuesday, a Treasury Department release on Wednesday showed, surging by a third in less than five years. Tyler Kendall reports on Bloomberg Television. (Source: Bloomberg)

US gross national debt tops $40tn for first time, likely to escalate fears of fiscal crisis

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 the rising costs of social safety-net programs, the military and Donald Trump’s tax cuts strain US federal government budgets, the treasury’s daily cash and debt balances statem...

By Guardian staff

US debt hits US$40 trillion high, raising ‘doom loop’ risk

Total US public debt surpassed US$40 trillion for the first time, and has now surged by a third in less than five years, as US lawmakers continue to shrug off calls to contend with historically wide financial deficits. Public debt outstanding stood at US$40.05 trillion as of the close of business on Tuesday, a US Treasury Department release on Wednesday showed. The crossing of the US$30 trillion mark only dates back to January 2022. And there is no end in sight. Republicans have long opposed...

By Bloomberg