CSB News USA

CSB News USA · 10:09 AM

The U.S. national debt surpassed a record $40 trillion on Wednesday, marking a staggering milestone as defense spending, social programs such as Social Security and Medicare, and interest payments on the growing deficit consume a huge share of federal spending

The U.S. national debt surpassed a record $40 trillion on Wednesday, marking a staggering milestone as defense spending, social programs such as Social Security and Medicare, and interest payments on the growing deficit consume a huge share of federal spending. The milestone came just five months after the national debt reached $39 trillion in March. Before that, the debt had surpassed $38 trillion in October. The unprecedented $40 trillion figure highlights competing priorities facing the Trump administration. These include increased defense spending, which the United States relies on to conduct President Donald Trump’s nearly six-month-old war in Iran, while also seeking to reduce the cost of gasoline and groceries. White House spokesman Kush Desai said the Trump administration has been focused on cutting waste, fraud and abuse in federal spending while accelerating economic growth to put the nation’s debt-to-GDP ratio on a better trajectory. However, economists and fiscal experts warn that the rapidly increasing debt is already affecting Americans’ finances. Higher government borrowing can contribute to increased borrowing costs for…

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