Money
US National Debt Crosses $40 Trillion for the First Time
The United States government now owes more than $40 trillion, a figure that took just ten years to double and keeps climbing faster as borrowing costs rise.
$40 trillionUS national debt
The facts
- 1The US Treasury Department confirmed this week that the country's gross national debt has crossed $40 trillion for the first time in history.
- 2That figure has doubled in just ten years, growing under both Democratic and Republican administrations through wars, pandemic relief, and tax cuts.
- 3Interest rates on 30-year US government bonds recently climbed to their highest level in almost 20 years, making new borrowing far more expensive.
- 4Higher borrowing costs mean a growing share of federal tax revenue now goes toward paying interest instead of funding programs like healthcare or infrastructure.
- 5Economists warn that if investors demand even higher returns to hold US debt, it could squeeze future budgets and raise interest rates for ordinary borrowers too.
Why it matters
Lawmakers from both parties have grown the debt while disagreeing on fixes—some push spending cuts, others want higher taxes—leaving taxpayers to eventually cover the rising interest bill.
Sources
- BBC News
- US Treasury Department
- The Guardian
