US national debt surpasses $40 trillion, sparking political backlash
At a glance
- The US national debt has officially surpassed $40 trillion.
- The figure, at $40.05 trillion, exceeds previous official forecasts.
- Lawmakers from both major parties have criticized the rising debt.
Story so far
The United States' national debt has officially crossed the $40 trillion mark, a development that has seen annual interest payments on the debt grow to surpass the entire Pentagon budget. The debt has more than doubled since early 2017. The latest figures, which exceed Congressional Budget Office projections, have prompted criticism from lawmakers in Washington.
Latest development
US Treasury data released Wednesday confirmed the national debt stands at $40.05 trillion, a figure that surpasses earlier official forecasts. The new record has drawn criticism from both Republican and Democratic lawmakers, who have called for spending to be brought under control.
Latest updates
New data released by the US Treasury Department on Wednesday showed the country's gross national debt stood at $40.05 trillion as of Tuesday's close of business.
This figure surpasses an earlier forecast by the Congressional Budget Office. The new record has drawn condemnation from lawmakers across the political spectrum.
Republican Senator Rick Scott urged Congress to get spending under control, while Democratic Senator Mark Kelly accused President Donald Trump of running up the debt. The development comes as yields on long-term Treasury bonds have risen to their highest level since 2007, reflecting anxiety over US deficit spending.
In a significant development, reports now indicate that the annual interest payments on the United States' national debt have surpassed the annual budget of the Pentagon.
Latest Fact Checks
US national debt surges past $40 trillion for first time
WASHINGTON: The US gross national debt has surged past $40 trillion for the first time, government data showed on Wednesday, outstripping earlier forecasts at a pace fuelled in part by President Donald Trump’s invalidated tariffs. The uptick in borro
امریکا کا مجموعی عوامی قرض 400 کھرب ڈالر سے تجاوز کرگیا، مالیاتی بحران کا خطرہ
امریکا میں مالیاتی بحران کے خطرے کے پیش نظر محکمہ خزانہ نے خبردار کردیا، امریکا کا مجموعی عوامی قرض پہلی بار 400 کھرب ڈالر سے تجاوز کرگیا۔
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