The U.S. national debt has surpassed $40 trillion for the first time, and economists are warning that the consequences of Washington's growing debt load could eventually show up in Americans' mortgage payments, borrowing costs, taxes and federal benefits.
The gross federal debt topped $40 trillion on Wednesday. That total includes money the federal government owes to itself. Economists generally pay closer attention to public debt, which stands at roughly $32 trillion, because it better reflects the government's borrowing from investors.
