US national debt surpasses $40 trillion, with annual interest payments exceeding $1 trillion and the debt-to-GDP ratio projected to reach 120% by

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.

The national debt surpassed a record US$40 trillion on Wednesday, a staggering milestone as defence costs, social programmes like Social Security and Medicare, and interest on the…