The United States’ national debt has surpassed $40 trillion for the first time in history, according to Treasury Department data released Wednesday, reaching $40.047 trillion as of Tuesday.

The figure is more than double the $19.95 trillion debt recorded in January 2017. Roughly $11.6 trillion was added during President Donald Trump’s two terms, compared with $8.4 trillion during Joe Biden’s presidency, Reuters reported.

About one-third of the increase came during two years of extraordinary government borrowing to fund the response to the COVID-19 pandemic under Trump and Biden. The remainder has been attributed to fiscal policies under both presidents and the persistent gap between federal spending and revenue.

The debt continues to climb, with the federal government posting a $432 billion deficit in July — the fourth-largest monthly deficit in U.S. history. During the first 10 months of fiscal year 2026, the deficit already surpassed the total recorded for the previous fiscal year.

Interest payments have become one of the government’s largest expenses, costing approximately $1.1 trillion annually. In 2025, interest costs surpassed the Pentagon budget for the first time, and during the first 10 months of 2026, they became the federal government’s second-largest spending category behind Social Security.

Meanwhile, spending on Social Security, Medicare and Medicaid continues to rise while tax revenues remain insufficient to cover federal expenditures.

Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, warned that the massive debt burden has consequences beyond Washington, contributing to inflationary pressures, limiting the government’s ability to fund other priorities and leaving the country more vulnerable during emergencies.

The growing debt is also affecting bond markets, with long-term U.S. Treasury yields reaching levels not seen in nearly two decades. Higher yields can translate into increased borrowing costs for mortgages, auto loans and businesses.

Despite concerns surrounding the milestone, Trump said Wednesday that Americans should not be worried.

“I don’t think so at all. I think we have a very strong country,” Trump said, adding that when the country is strong, “interest rates should come down.”

(YWN World Headquarters – NYC)