US debt surpasses 40 trillion
The U.S. government's debt has surpassed the $40 trillion mark for the first time, reaching a record high that reflects the accelerating pace of federal borrowing. This rapid increase in debt is the result of years of growing fiscal deficits, especially due to stimulus programs during the COVID-19 pandemic, bringing the public debt share close to 100% of GDP. In July, the Treasury Department recorded a monthly deficit of $432.3 billion, with the total deficit since the start of the year approaching $1.8 trillion, raising concerns about Washington's ability to face future financial challenges.
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