U.S. federal government debt surpasses $40 trillion

As the US government borrows at an historically unprecedented pace, the total US national debt has surpassed $40 trillion. Despite Trump’s pledges to rein in government spending, the ballooning debt has sparked investor concerns over the country’s public fiscal health. According to data released by the US Treasury Department on Wednesday, the total federal debt crossed the $40 trillion threshold on Tuesday. Over the past year, the debt has risen by $3 trillion, marking the fastest growth rate in history outside of the pandemic period. “This is like a massive warning light on a car engine,” said Mark Goldwin, senior policy director at the Committee for a Responsible Federal Budget. “That doesn’t mean the engine will burn out tomorrow, but it’s a clear signal that things are out of control. The problem isn’t just the enormous size of the debt, but how quickly we’ve reached this level.” Over the past two decades, US national debt has surged sharply, climbing from less than $6 trillion at the start of the century to its current level. Massive public spending during the financial crisis and COVID-19 pandemic exacerbated the widening budget deficit. In just the last decade, total debt has doubled. The Congressional Budget Office projects that federal debt held by the public will exceed the 106% historical peak set in post-WWII 1946 around 2030, and rise further to 120% by 2036.