US national debt passes record $40 trillion

Total debt for the United States has passed $40 trillion for the first time, raising concerns that the country is facing a fiscal crisis as government spending outpaces revenue.The debt stood at $19.95 trillion in January 2017, when President Donald Trump was sworn in for the first time, and has doubled since then, according to Treasury Department data shared on Wednesday.Recommended Stories list of 3 itemslist 1 of 3US borrowing exceeds GDP: What does it mean for the economy?list 2 of 3US national debt surpasses a record $38 trillionlist 3 of 3The Trump economy: Slower growth, higher prices and a bigger national debtend of listAbout one-third of that increase occurred during the two years that followed the outbreak of COVID-19, which was declared a pandemic in March 2020. The government, both under Trump and his successor, President Joe Biden, borrowed heavily for the pandemic response.Since Trump took office a second time in January 2025, the US debt load has increased by $3.8 trillion – contributing to a total debt growth of $11.6 trillion across his two terms so far.It increased by $8.4 trillion during Biden’s term, on the back of not only pandemic recovery spending but also bi...