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WASHINGTON: The US gross national debt has surged past $40 trillion for the first time, government data showed on Wednesday, outstripping earlier forecasts at a pace fuelled in part by President Donald Trump’s invalidated tariffs.
The uptick in borrowing is a blow to Trump, who promised to cut public spending during his 2024 presidential campaign, and sparked a backlash from US representatives across the political field.
The new record comes as longer-term US obligations linked to social security and health care have been growing, while interest payments have climbed as well.
Total public debt outstanding stood at $40.05tr at the close of business on Tuesday, according to data released on Wednesday by the Treasury Department.
