US public debt passes $40 trillion for the first time
The The Associated Press news agency reports, citing data released by the Treasury Department, that US public debt has surpassed $40 trillion for the first time as defence spending, social programs, and mounting interest payments on the growing deficit consume a massive share of federal spending.
The milestone came just five months after US debt hit a previous record of $39 trillion in March, and arrived earlier than forecasters had expected, driven in part by billions of dollars in lost revenue from President Donald Trump’s invalidated tariffs, which forced the Treasury to borrow more rapidly to cover government bills.
US public debt passes $40 trillion for the first time
The The Associated Press news agency reports, citing data released by the Treasury Department, that US public debt has surpassed $40 trillion for the first time as defence spending, social programs, and mounting interest payments on the growing deficit consume a massive share of federal spending.
The milestone came just five months after US debt hit a previous record of $39 trillion in March, and arrived earlier than forecasters had expected, driven in part by billions of dollars in lost revenue from President Donald Trump’s invalidated tariffs, which forced the Treasury to borrow more rapidly to cover government bills.