US national debt surges past $40 trillion for first time

The United States' gross national debt has breached the $40 trillion mark for the first time, according to government data released Wednesday. This milestone surpasses earlier projections by the Congressional Budget Office, which had anticipated the total borrowing to reach $39.4 trillion by the end of fiscal year 2026. The Treasury Department reported that the total public debt outstanding stood at $40.05 trillion at the close of business on Tuesday.

The surge in borrowing presents a significant challenge to President Trump's 2024 presidential campaign pledge to reduce public spending. It has also ignited criticism from across the political spectrum. Lawmakers are pointing to several factors contributing to the escalating debt, including the growing long-term obligations associated with social security and healthcare, coupled with climbing interest payments. The ongoing conflict in the Middle East has further strained the US budget, reportedly costing $37.5 billion in military spending over nearly six months.

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Americans deserve better.

Defense spending shows no signs of abating, with the House of Representatives recently passing an annual defense policy bill authorizing a record $1.15 trillion for the Pentagon. Republican Senator Rick Scott urged Congress to "get spending under control and BALANCE THE BUDGET," stating, "Americans deserve better." Democratic Senator Mark Kelly accused Trump of enriching himself while accumulating national debt, asserting, "The President said he’d pay off the debt in his first term. Well, we all knew that was a lie. Instead, he ran it up to $40 trillion while he and his family made billions."

Investor concerns over inflation and government spending have intensified, driving up borrowing costs. Yields on long-term Treasury bonds reached their highest level since 2007 on Tuesday, reflecting increased price pressures linked to the war in Iran and anxieties surrounding US deficit spending. This situation compels the US government to refinance its debt at the highest rates seen since before the 2008 global financial crisis.

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The President said he’d pay off the debt in his first term. Well, we all knew that was a lie. Instead, he ran it up to $40 trillion while he and his family made billions.