US national debt reaches $40 trillion
The federal government’s debt has climbed to a new high, adding pressure on borrowing costs as investors seek higher returns.
The United States’ gross federal debt has risen to $40 trillion, according to reports published on Wednesday, marking another milestone in a long-running increase in government borrowing. The figure comes as Washington continues to run large deficits.
NPR said the debt has been growing quickly, while Al Jazeera reported that the total has doubled over the past decade, spanning Donald Trump’s first term and Joe Biden’s presidency. The increase has drawn concern from investors who are asking for higher yields.
Those higher yields can feed through to the wider economy by making it more expensive for households and businesses to borrow. The latest total adds to a fiscal debate that has intensified as the debt has moved further beyond previous records.
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