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U.S. national debt tops $40 trillion

financeAug 19, 2026321,615

The federal debt reached a record $40 trillion on Tuesday, according to Treasury Department data. The debt has roughly doubled in less than a decade, Michael Peterson of the Peter G. Peterson Foundation said the country was about $20 trillion lower less than 10 years ago and warned the nation could hit $50 trillion in six years on the current path. The administration and Congress have added trillions through tax cuts such as the Tax Cuts and Jobs Act of 2017, pandemic relief bills, and the One Big Beautiful Bill Act of 2025, contributing to the rapid rise. The government ran a $1.8 trillion deficit in the first 10 months of this fiscal year and the national debt increased by $1 trillion in the past five months. Rising interest rates have pushed interest payments to record levels; interest costs are expected to top $1 trillion this fiscal year and have more than tripled over five years, now rivaling Medicare as the government’s second-largest expense behind Social Security. Experts cited aging demographics, with about 10,000 Baby Boomers retiring daily and longer lifespans, as a structural driver raising Social Security and Medicare spending and reducing worker-to-beneficiary ratios. The speed of the increase surprised forecasters: the Congressional Budget Office in May 2023 projected the nation would not cross $40 trillion until fiscal year 2028.

Julius Kim
@juliuskim.bsky.social

Do you think a $40 trillion national debt matters to a president who has filed bankruptcy multiple times?

5254h ago
Jake Tapper, long-suffering Philly sports fan
@jaketapper.bsky.social

Boom National debt reaches grim $40 trillion milestone. Here’s why that matters www.cnn.com/2026/08/19/e...

1375h ago
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