US national debt tops $40T for first time, doubles since 2017

• Federal debt has risen by about $11.6T during President Trump’s 2 terms and $8.5T during Joe Biden’s presidency

The US national debt surpassed $40 trillion for the first time, more than doubling in less than a decade, according to Treasury Department data.

Total public debt outstanding reached $40.047 trillion on Tuesday, rising from $39.987 trillion a day earlier, the Treasury’s Debt to the Penny dataset showed.

The total comprises $32.266 trillion in debt held by the public and $7.782 trillion in intragovernmental holdings.

The federal debt stood at approximately $19.95 trillion when President Donald Trump first took office in January 2017 and reached $27.75 trillion by the end of his first term.

It then climbed to roughly $36.22 trillion during former President Joe Biden’s four-year presidency before increasing by another $3.8 trillion since Trump returned to office.

Debt increased by approximately $11.6 trillion across Trump’s two terms and by about $8.5 trillion under Biden.

Persistent budget deficits, pandemic-related borrowing, tax cuts, growing social program expenditures and rising interest costs have contributed to the increase.

The milestone is expected to heighten concerns about US fiscal sustainability as debt-servicing costs take up a growing share of federal revenues.