All articles tagged with #national debt
America's national debt has surged past $40 trillion as chronic deficits keep the government borrowing, and a bond-market sell-off signals higher borrowing costs ahead; with political will fractured, lawmakers face unpalatable choices on taxes and spending as elections loom, raising fears of a debt spiral if reforms stall.
Sen. JD Vance blamed the Biden administration for the U.S. debt reaching $40 trillion, arguing the debt grew faster than GDP and hinting at a plan to spur growth; his remarks sparked a social-media backlash over the ongoing blame game, while Reuters data show debt rose about $8.4 trillion during Biden’s term and roughly $11.6 trillion under Trump, highlighting bipartisan responsibility for the debt.
The U.S. national debt has surpassed $40 trillion, up from about $5.8 trillion in 2000, equating to roughly $116,800 per person. Debt growth has accelerated across presidential terms, with the largest dollar increase under Biden; deficits rose notably during the pandemic era as spending expanded. The article uses four charts to contextualize the rising debt and the disappearance of federal surpluses since 2001.
US debt has topped $40 trillion, up from about $5.8 trillion in 2000 (roughly $116,800 per American) and has grown nearly 600% since 2000; four charts show the rise, how deficits and spending evolved under Obama, Trump and Biden (Trump up 39.1% in his term, Biden up 30.5%), and the largest dollar increase of $8.45 trillion during Biden’s presidency, with the last federal surplus in 2001 and a graphic comparing $1 trillion to median household income.
The U.S. national debt has surpassed $40 trillion according to Treasury data, marking roughly a 600% increase since 2000 and about $116,800 per American. Four charts illustrate the growth, debt by president (Obama, Trump, Biden), the shift from deficits (last surplus was 2001) to spending, and a visualization comparing $1 trillion to median household income, with COVID-19 spending driving much of the rise; Biden's term accounts for the largest dollar increase at about $8.45 trillion, followed by Trump and Obama by percentage terms.
MSNBC's Joe Scarborough used a Treasury Department report showing U.S. debt at a record $40 trillion to rebuke Donald Trump's spending promises, noting the debt rose by about $7.8 trillion during his first term and $3.8 trillion since his second term, arguing Trump bears a sizable share of the burden and warning that unchecked deficits could devalue the dollar.
The U.S. national debt surpassed $40 trillion per the Treasury, reaching the milestone months sooner than forecasters expected, in part due to lost revenue from invalidated tariffs. The debt ceiling sits at about $41.1 trillion and is expected to be reached early next year, a development that has spooked markets as investors dump Treasuries amid higher borrowing costs.
The U.S. national debt has risen to a record $40 trillion, a level economists and lawmakers expect will continue to grow, with the debt expanding by roughly $90,000 every second according to data from a U.S. Congress joint committee.
With the national debt nearing $40 trillion, economists warn persistent deficits will raise borrowing costs and affect everyday finances: higher student-loan payments, pricier mortgages, and potential Social Security cuts unless policy changes occur. The Conference Board’s analysis notes a 2028 incoming student with a $45,000 loan could owe about $279,000 (or roughly $466,000 in extreme rate conditions); a $600,000 home with 20% down could total around $2.89 million (rising to about $3.64 million in a shock scenario); and Social Security insolvency could occur by 2032 unless taxes rise or deficits shrink. Small-business lending would also face higher costs, and lawmakers have largely stalled on decisive action.
Long-term U.S. Treasury yields rose to their highest level since 2007, with the 30-year topping around 5.3%, pushing up borrowing costs for the government and for consumers and businesses while sending stocks lower and signaling tighter financing conditions amid high debt and Federal Reserve uncertainty.
The U.S. national debt is expected to top $40 trillion this week, several months ahead of forecasts, driven in part by lost revenue from President Trump’s invalidated tariffs, and signaling an earlier debt-ceiling fight.
Republican lawmakers expressed misgivings about a proposed $350 billion defense spending boost as part of a plan to lift Pentagon funding well above current levels, insisting on pay-fors and offsets. In a Capitol Hill meeting with Defense Secretary Pete Hegseth, many GOP members called for policy riders or reforms (such as voting rules or defunding certain programs) and an audit of the Defense Department before endorsing the package. Passage would require near-unanimous GOP support and reconciliation steps, amid Trump’s push for rapid approval, with Senate timing and specifics still unsettled.
Fortune’s Penn Wharton Budget Model analysis argues the U.S. faces an outer solvency bound of about 210% of GDP and a 20-year runway before debt swells beyond feasible financing. Health‑care cost growth and the aging of the baby boomer generation concentrate federal outlays on older Americans, with Social Security’s trust fund projected to run dry in the early 2030s (benefits cut to about 83% thereafter). The piece emphasizes a political economy that rewards passing big bills to future generations, making small fixes unlikely, and notes radical ideas like scrapping the 401(k) deduction to redirect retirement savings. It also warns that financial markets could discipline policy before the limit is reached, risking disruptive social consequences similar to historic fiscal crises.
At a Senate Finance hearing, Treasury Secretary Scott Bessent argues that faster growth and tighter control of spending can stabilize Social Security without tax increases or benefit cuts, anchored by a 3‑3‑3 framework: about 3% growth, roughly 3% of GDP in deficits, and 3 million barrels per day more domestic energy. Democrats contend deficits and trust‑fund shortfalls remain a risk and growth alone may not solve the problem, while some Republicans hint at alternative Social Security accounts as part of the debate.
The Washington Post Editorial Board argues that with a looming federal debt and large deficits, Social Security is projected to pay six-figure benefits to some wealthy seniors; capping benefits for the wealthiest retirees (starting at $100,000 annually) would be a prudent first step in reforming the program and slowing spending.