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U.S. debt hits $40 trillion
The U.S. government debt has exceeded $40 trillion for the first time, setting a new record, according to U.S. Treasury Department data. Over four and a half years, the debt increased from around $30 trillion to $40 trillion, driven by rising budget deficits that were exacerbated by stimulus packages during the COVID-19 pandemic. In July, the monthly deficit reached a record high of $432.3 billion, the highest since March 2021, with the total deficit for the year approaching $1.8 trillion. It is estimated that interest on public debt this year has reached approximately $1.2 trillion, making it one of the largest expenditure items in the U.S. budget, after Social Security and healthcare. Since June, yields on U.S. Treasury bonds have risen due to concerns over debt and deficits, and with the Federal Reserve pausing interest rate hikes, leading to increased government borrowing costs.
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