US National Debt Hits $40 Trillion Milestone
🐿️ The Squirrel's Take
This debt milestone is a bipartisan warning that neither party has a credible plan to balance the budget, and the next president will inherit a fiscal time bomb.
💡 Why it matters
Higher debt and interest costs will crowd out spending on infrastructure, education, and climate, while increasing the risk of a future financial crisis or tax hikes on ordinary Americans.
The US gross national debt has surpassed $40 trillion for the first time, doubling over the past decade due to rising costs of social programs, military spending, and tax cuts under Trump and Biden. The milestone comes as 30-year bond interest rates hit nearly 20-year highs, escalating fears of a fiscal crisis.
📡 Where we spotted it (3)
The Guardian
US gross national debt tops $40tn for first time, likely to escalate fears of fiscal crisis
1d ago
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BBC News
US national debt passes $40tn after doubling in a decade
1d ago
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The Guardian
‘Republicans ran up the tab’: Democrats outraged over $40tn national debt – live
1d ago
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