Treasury Secretary Scott Bessent made the claim a day after the U.S. national debt crossed $40 trillion for the first time

The national debt is now over $40 trillion, a historic high that economists warn is bad news for the United States.

Budget watchdog groups have been anticipating the news for weeks, with some issuing stark warnings of a debt crisis

Milestone marks years of government spending that grew under both Donald Trump and Joe Biden

WASHINGTON -- The US national debt has surpassed $40 trillion for the first time in history, according to data released by the Treasury Department on Wednesday.