U.S. national debt surpasses $40T

The total U.S. public debt has surpassed $40 trillion for the first time, according to U.S. Treasury Department data, reflecting increasing pressures on public finances. This rise is due to higher interest costs on debt, expanded social safety net programs, decreased revenues resulting from tax cuts, as well as significant government spending to address the COVID-19 pandemic and investments. Since Trump took office in 2017, the debt has more than doubled, increasing by $11.6 trillion during his two terms, and by $8.4 trillion during Biden's presidency, raising concerns about the sustainability of public finances and the long-term costs of debt service.

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