National debt tops $40 trillion after doubling in under 10 years
Federal debt has mounted amid tax cuts and trillions in pandemic spending, adding to the nation's interest payments.
The U.S. national debt has surpassed $40 trillion, a figure released by the Treasury Department on Wednesday. This marks a doubling of the debt within a decade, illustrating the growing burden of federal borrowing and the resulting interest costs. On August 18, the nation's debt reached $40.05 trillion, more than twice its size in 2017.
The Treasury Department's daily report reveals that the debt has surged due to government spending outpacing revenue, leading to increased borrowing. Experts warn that ignoring the structural budget issues has only exacerbated the problem, as interest payments are consuming a larger share of the nation's spending.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
