US national debt surges past $40 trillion for first time

Dawn reports the U.S. national debt has crossed the forty trillion dollar mark for the first time. Treasury data shows total public debt stood at just over forty point zero five trillion dollars at the close of business on Tuesday — surpassing the Congressional Budget Office's earlier forecast of thirty-nine point four trillion for the end of fiscal year twenty twenty-six. The pace has been fueled in part by President Donald Trump's invalidated tariffs. The milestone is a setback for Trump, who promised to cut public spending during his twenty twenty-four campaign, and it's drawn backlash from lawmakers on both sides. Republican Senator Rick Scott urged Congress to get spending under control, while Democratic Senator Mark Kelly accused the president of enriching his family while running up the debt. Defense spending remains a key driver — the House narrowly passed a record one point one five trillion dollar Pentagon budget in July, even as the nearly six-month-old Middle East conflict has cost eighteen American service members their lives and thirty-seven point five billion dollars. The surge has pushed long-term Treasury bond yields to their highest level since two thousand seven, forcing the government to refinance at the steepest rates since before the two thousand eight financial crisis.

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