- The U.S. Treasury Department confirmed that national debt surpassed $40 trillion for the first time, reaching $40.047 trillion.
- Federal debt has more than doubled in less than a decade because of rapid pandemic borrowing, persistent budget imbalances, and tax cuts.
- The Committee for a Responsible Federal Budget warned that the mounting debt exacerbates inflation and heightens economic vulnerability.
- Treasury Secretary Scott Bessent doubled buybacks of long-term Treasuries to suppress yields as long-term bond yields neared two-decade highs.
- Interest outlays have surpassed Medicare spending as the second-largest federal budget item, driven by expanded borrowing and rising interest rates.
IN FULL
US national debt crosses $40 trillion mark after more than doubling in only a decade
