US national debt reaches $40 trillion
The United States national debt has surpassed $40 trillion for the first time, driven by defence spending and social programmes.
The US national debt has passed the $40 trillion mark, setting a new record. The milestone reflects enormous federal spending on defence, Social Security, Medicare and interest payments on the growing deficit.
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The US national debt now stands at US$40t. Yes, that’s a T
The national debt surpassed a record $40 trillion on Wednesday, a staggering milestone as defense costs, social programs like Social Security and Medicare and interest on the burgeoning deficit make up an enormous share of federal spending.