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US debt crosses $40 trillion threshold after doubling under Trump and Biden
Interest payments are rising as the debt burden reaches a level that economists and budget watchdogs warn could strain future spending and growth.
- U.S. national debt has surpassed $40 trillion for the first time, marking a doubling from roughly $19.95 trillion in 2017 and underscoring the rapid expansion of federal borrowing.
- Both the Trump and Biden administrations oversaw major increases in the debt, with Reuters estimating that Trump’s terms have added about $11.6 trillion and Biden’s presidency about $8.4 trillion, alongside pandemic spending and persistent budget deficits.
- Rising interest costs and spending on Social Security and health programs are putting increasing pressure on the federal budget, with interest payments now exceeding Medicare spending as an expense.
- Economists and fiscal watchdogs are warning that continued deficits could create greater financial risks, while weaker demand for U.S. government bonds and higher long-term Treasury yields are adding to concerns about the country’s fiscal outlook.
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104 Articles
104 Articles
The US national debt has surpassed $40 trillion for the first time. The debt has risen by $1 trillion in just five months, raising interest costs and economic concerns for ordinary people.
US debt crosses $40T after doubling under Trump, Biden — sparking new warnings of fiscal crisis
Total US debt has topped $40 trillion for the first time, the Treasury Department said Wednesday, drawing fresh warnings that a fiscal crisis is brewing as ballooning costs for social safety-net programs and interest payments far outstrip revenues held back by tax cuts.
·New York, United States
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The US national debt now stands at US$40 trillion
The national debt surpassed a record $40 trillion on Wednesday, a staggering milestone as defense costs, social programs like Social Security and Medicare and interest on the burgeoning deficit make up an enormous share of federal spending.
·Wellington, New Zealand
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Coverage Details
Total News Sources104
Leaning Left24Leaning Right25Center42Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 26%
C 46%
R 28%
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