The US Treasury Department has announced that the country’s total debt has exceeded $40 trillion for the first time.
Based on the latest statistics, the US public debt has reached more than $40.047 trillion, which includes more than $32.266 trillion in debt held by the public and $7.782 trillion in debt between government entities.
The US debt has more than doubled in less than a decade, from around $19.95 trillion at the beginning of Donald Trump’s first term in office to more than $40 trillion in 2017.
Economic experts have warned that the rapid increase in debt and heavy interest payments, along with declining tax revenues, could increase the risk of a financial crisis.
