- U.S. national debt crossed $40 trillion this week, according to the U.S. Treasury Department.
- The debt grew at a rate of $90,000 per second over the past year, per the U.S. Congress Joint Economic Committee.
- The milestone was reached faster than forecasters expected.
The U.S. national debt has officially crossed the $40 trillion mark, a significant milestone that has been reached more quickly than many forecasters had predicted.13
As of Tuesday afternoon, total public debt outstanding stood at $40,047,426,000, according to the U.S. Treasury Department.
This rapid increase in national debt is alarming, with figures showing it has been growing at an astonishing rate of $90,000 per second over the past year, as reported by the U.S. Congress Joint Economic Committee.2
Economists and lawmakers are concerned about the implications of this surge, which could impact everyday families and the broader economy.
The core drivers behind this rapid increase include rising government spending and economic challenges that have necessitated increased borrowing.
As the debt continues to climb, discussions around potential paths toward fiscal responsibility and sustainable economic policies are becoming increasingly urgent.
“The U.S. Treasury Department reported total public debt outstanding at $40,047,426,000 as of Tuesday afternoon. Economists and lawmakers expect the figure to continue surging, with the Joint Economic Committee highlighting the $90,000-per-second growth rate over the past year.”
WJLA
