Trump pledged fiscal restraint. Instead, debt tops $40 trillion as borrowing costs rise

Donald Trump campaigned on the promise of reducing government spending, ending costly wars, and promoting economic growth to curb the deficit. However, during his first 19 months in office, the national debt has skyrocketed past $40 trillion. Federal spending has continued to rise, not decrease, and the cost of servicing the debt has increased as yields on U.S. bonds reach their highest levels in nearly two decades.

Budget experts argue that this record is far from a fiscal success and that lawmakers must take politically unpopular measures to address the issue, such as raising taxes or cutting social programs.

The debt surpassing $40 trillion coincides with the upcoming midterm elections, which will determine if Republicans retain control of Congress. While voters may not immediately focus on fiscal concerns, the impact of high mortgage interest rates and inflation outpacing wage growth will affect the average person. Trump has increased spending across both terms, with his tax cuts adding $8.4 trillion in debt in the first term and another $4.7 trillion in the second term, according to the Congressional Budget Office.

The White House claims Trump took on wasteful spending and fired thousands of federal workers, but critics argue that spending still grew, and debt rose significantly.