National debt crosses $40 trillion in grim milestone
The national debt exceeded $40 trillion for the first time in history, leading economists to warn that the United States is staring down a fiscal reckoning.
TL;DR
- The U.S. national debt has exceeded $40 trillion for the first time in history.
- Economists warn of a looming fiscal reckoning due to the rising debt and budget deficits.
- The debt has doubled since the COVID-19 pandemic, with the federal budget deficit totaling $1 trillion in the first five months of fiscal 2026.
- Rising debt is contributing to increased costs of living and inflation, impacting Americans' long-term prosperity.
- Interest payments on the debt have significantly increased, reaching $1.03 trillion in 2025.
- Social Security's retirement trust fund is projected to be exhausted by 2032, potentially leading to benefit cuts.
- There is little momentum in Congress to address the growing national debt.