US national debt exceeds US$40 trillion for first time

The United States has amassed a national debt of over $40 trillion for the first time in history, according to government data released on Wednesday. The debt surpassed an earlier forecast of $39.4 trillion by the end of fiscal year 2026, driven by rising borrowing costs and spending on defense and social security. President Trump's administration has been criticized for failing to control government spending, despite his campaign promises to cut public spending.

The surge in debt has led to higher interest rates and increased borrowing costs for consumers and businesses, sparking concerns among Democratic lawmakers and economists. While the debt-to-GDP ratio is not a definitive indicator of economic crisis, it has raised doubts about the long-term sustainability of the U.S. fiscal policy.