US National Debt Surpasses $40 Trillion
Summary
US national debt has surged past $40 trillion, raising fresh concerns about a potential financial crisis as government spending continues to outpace income. The report says the debt has more than doubled since Donald Trump first took office in 2017, with major increases during the pandemic and under the Biden and second Trump administrations.
Key Points
- US national debt has crossed $40 trillion for the first time, intensifying concerns over fiscal stability.
- The debt has more than doubled since Donald Trump first took office in January 2017, according to Treasury data.
- Large borrowing during the pandemic and continued spending on infrastructure, clean energy subsidies and other programs helped drive the increase.
- Margaret Spellings said federal spending keeps rising faster than income in key budget areas.
