‘민주열사 운동의 역사적 의미 조명’… 유가협 40주년 포럼

The United States national debt has reached a record high of 40 trillion dollars, surpassing a significant milestone. The debt increase is primarily driven by tax cuts, social security and medical expenses, and interest costs, leading to growing concerns about the country's long-term financial sustainability. According to the latest daily cash and debt report released by the US Treasury on January 19, the total public debt of the United States was $40.47 trillion as of the previous day, 18th January.

This includes $32.26 trillion in market-held debt held by private individuals, foreign governments and investors, and the Federal government's internal accounts totaling $7.782 trillion.

The national debt has more than doubled since Donald Trump's first term began in January 2017, from $19.5 trillion to over $40 trillion. During Trump's two terms, the debt increased by $11.6 trillion in total, while during Joe Biden's four years in office, it grew by $8.4 trillion. Over one-third of the debt increase since 2017 can be attributed to large-scale borrowing to combat the COVID-19 pandemic.

However, future burdens are expected to be substantial. The Congressional Budget Office (CBO) estimates that the debt under Trump's second term would increase by a further $4.7 trillion due to the "One Big Beautiful Law" tax and spending bill. The US government spends around $7 trillion annually, with about 60% going towards mandatory expenses such as Social Security, Medicare, Medicaid, and veterans' benefits.

Interest costs alone amounted to about $1.1 trillion annually, surpassing defense spending for the first time in 2025. In the first ten months of the 2026 fiscal year, healthcare spending is projected to become the second-largest budget item after social security benefits. Market's growing sensitivity to fiscal deterioration is evident as 30-year US Treasury yields have risen to a recent high of 5.34%, and foreign investors, who hold about one-third of US Treasuries, have reduced their demand in the past year.

To counter the upward trend in long-term interest rates and maintain market liquidity, Treasury Secretary Steven Mnuchin announced plans to expand the size of the bond-buyback program from its current maximum of $2 billion per day to a minimum of $4 billion. The expansion will take effect starting September 9 and will continue until November 4.