US national debt hits record, surpasses $40.5 trillion
The US national debt has exceeded $40.5 trillion for the first time in history. TASS reports this based on data from the US Treasury Department.
The US national debt has exceeded $40.5 trillion for the first time in history. TASS reports this based on data from the US Treasury Department.
Debt reaches $40.52 trillion
According to figures published by the department, the country’s sovereign debt stood at $40.52 trillion as of October 26. This is an all-time high.
Pace of growth
The debt exceeded $38 trillion in October last year. In August this year, it crossed the $40 trillion mark. As a result, the debt has grown by $20 trillion in less than ten years.
Forecast
According to estimates by the Peterson Institute for International Economics, if spending or tax reforms are not undertaken, the country’s debt could reach $50 trillion within six years.