US National Debt Reaches $40T
US national debt has more than doubled over the last decade, reaching $40 trillion for the first time, according to the US Treasury Department. The figure exceeded an earlier forecast by the Congressional Budget Office that overall debt would reach $39.4 trillion by the end of the fiscal year. The rise reflects years of heavy government spending under both President Donald Trump and Joe Biden, along with increased interest payments that have contributed to the total. The national debt was widened following the Supreme Court decision to strike down many of Trump’s tariffs, forcing the Treasury to refund over $100 billion in illegally collected taxes. The increase in US debt comes as concerns over inflation, the war in the Middle East, and government spending have sparked concern among investors. The price of borrowing has grown as a result, with interest rates on long-term Treasury bonds rising to 5.34%, the highest level since 2007.
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