U.S. debt exceeds $40 trillion for first time amid warnings of fiscal crisis
The U.S. Treasury's latest statement showed total public debt outstanding at $40.047 trillion on Tuesday, with it having more than doubled in less than a decade.
Total U.S. federal debt has reached the staggering milestone of $40 trillion for the first time, according to the U.S. Treasury Department. This alarming figure, disclosed on Wednesday, has sparked fresh concerns about an impending fiscal crisis as mounting expenses for social safety-net programs and interest payments continue to outpace revenue, largely due to previous tax cuts.
The latest daily cash and debt balances statement from the Treasury revealed a total public debt outstanding of $40.047 trillion on Tuesday, a sum that encompasses Treasury securities held by the public amounting to $32.266 trillion, alongside intragovernmental debt holdings valued at $7.782 trillion. The national debt has more than doubled in just under a decade, surging from $19.95 trillion when Donald Trump assumed office as the 45th U.S. president in January 2017.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
