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The National Debt Just Hit $40 Trillion. But Just How Big Is $40 Trillion?
Interest on the federal debt now exceeds $1 trillion a year as deficits remain elevated and borrowing has doubled in less than a decade.
- The United States national debt officially reached $40 trillion on Sunday, a grim fiscal milestone. Annual interest payments alone now exceed $1 trillion, surpassing spending on all federal programs except Social Security.
- In just 10 years, the debt has doubled from below $20 trillion in August 2016. Persistent deficits and soaring interest payments have accelerated this accumulation faster than previous estimates.
- At $40 trillion, the debt equals nearly 85% of all U.S. retirement assets worth $47.6 trillion. This burden also exceeds the combined $37 trillion GDP of China, Germany, Japan, the United Kingdom, and India.
- Treasury Secretary Scott Bessent claimed the deficit has peaked under President Donald Trump, with the administration 'laser focused' on spending control. Yet the Department of Government Efficiency , led by Elon Musk, has not delivered expected savings.
- Projections from the Congressional Budget Office indicate gross federal debt could reach $64 trillion by 2036. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, warned that current borrowing is 'unsustainable' and requires tough decisions.
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The U.S. national debt exceeded the US$40 billion record.
Government debt, China’s tech frenzy & the new Arctic trade route – Ren’s Roundup
There’s plenty happening in markets. Here are a few moments that caught my eye this week. Bad week for government debt This week Australian government debt crossed $1 trillion for the first time ever. And while $1 trillion feels like a big number, it is modest compared to our global peers. This week also saw the US reach a new milestone: government debt crossed $40 trillion. In 2017, when President Trump first took office, government debt was at…
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Total News Sources17
Leaning Left4Leaning Right1Center11Last UpdatedBias Distribution69% Center
Bias Distribution
- 69% of the sources are Center
69% Center
L 25%
C 69%
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