US national debt surges past $40 trillion for first time
WASHINGTON: The US gross national debt has surged past $40 trillion for the first time, government data showed on Wednesday, outstripping earlier forecasts at a pace fuelled in part by President Donald Trump’s invalidated tariffs. The uptick in borrowing is a blow to Trump, who promised to cut public spending during his 2024 presidential campaign, and sparked a backlash from US representatives…
The gross national debt of the United States has crossed the $40 trillion mark for the first time, according to official figures released by the Treasury Department on Wednesday, surpassing earlier estimates. The sharp increase in borrowing has taken the country by surprise, surpassing an earlier projection by the Congressional Budget Office that it would reach $39.4 trillion by the end of fiscal year 2026.
This surge in debt is attributed to a combination of factors, including President Donald Trump's invalidated tariffs, rising interest payments, and the costs of ongoing conflicts abroad.
The debt surge has been met with criticism from political figures on both sides of the aisle. Republican Senator Rick Scott called for Congress to "get spending under control and balance the budget," while Democratic Senator Mark Kelly accused Trump of enriching himself while the national debt ballooned. The increase in long-term Treasury bond yields to the highest level since 2007 indicates growing concerns over inflation and government spending.
The war in the Middle East has also added to the fiscal pressure, with 18 American service members losing their lives and $37.5 billion in military spending committed to the nearly six-month-old conflict.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
