U.S. National Debt Surpasses $40 Trillion for the First Time

The nation's debt has crossed a staggering milestone.

The United States government now owes more than $40 trillion, according to the U.S. Treasury Department.

Total public debt reached $40.47 trillion on Tuesday. That figure includes about $32.3 trillion held by the public, along with nearly $7.8 trillion in intragovernmental debt.

The federal debt has more than doubled in less than a decade. It stood at just under $20 trillion in January 2017.

About a third of the increase came during the COVID-19 pandemic, as the Trump and Biden administrations borrowed heavily to finance emergency response programs and economic relief.

Budget watchdog groups have been warning for weeks that the $40 trillion threshold was approaching.

The growing national debt reflects years of federal borrowing to finance government spending. The amount owed can fluctuate daily as the Treasury issues debt and receives payments.

The $40 trillion milestone comes as lawmakers continue to debate federal spending, deficits and the long-term financial outlook for the United States.

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