The US gross national debt surpassed $40tn for the first time on Wednesday, prompting outrage from both Democrats and Republicans as the deficit has doubled over the past decade.
Key facts
- US gross national debt topped $40tn for the first time on Wednesday.
- It is the highest national debt level in US history.
- The deficit has doubled over the past decade.
- Spending has grown under both the Trump and Biden administrations.
- Both Democrats and Republicans expressed outrage, according to the Guardian.
The US gross national debt reached $40tn for the first time on Wednesday, marking the highest level in the nation’s history, according to the Guardian. The milestone has drawn expressions of outrage from lawmakers across both major political parties.
The Guardian reported that the deficit has doubled over the past decade, with government spending growing under both President Donald Trump and former President Joe Biden. The trend spans successive administrations of different parties.
The figure represents a symbolic threshold in the country’s long-running debate over federal borrowing and fiscal policy. Reaching $40tn underscores the scale of accumulated government obligations.
According to the Guardian, both Democrats and Republicans reacted with outrage to the news, signaling rare bipartisan concern about the trajectory of the national debt.
The report noted the growth in spending across the past decade as a key driver behind the doubling of the deficit, though the sources provided did not detail specific figures beyond the $40tn total.
Why it matters
The national debt reaching $40tn is a landmark moment in US fiscal policy that affects government borrowing costs and future budget decisions. Bipartisan concern suggests the issue could shape political debate and spending priorities in the months ahead.
Frequently asked questions
How much is the US national debt now?
The US gross national debt topped $40tn for the first time on Wednesday, the highest in US history, according to the Guardian.
Has the debt grown under both parties?
Yes. According to the Guardian, the deficit has doubled over the past decade, with spending growing under both Trump and Biden.
How did lawmakers react?
The Guardian reported that both Democrats and Republicans expressed outrage over the $40tn debt figure.