US National Debt Surpasses Record $40 Trillion
The US national debt passed $40 trillion on Wednesday. PBS NewsHour first reported the milestone.
This marks a new record in US history. The debt highlights competing spending priorities.
These include defense spending and efforts to lower gas and grocery costs. White House spokesman Kush Desai said leaders are targeting waste, fraud and abuse.
He said the administration also wants economic growth. US government debt has more than doubled in the past decade.
Defense costs make up a large share of spending. Social programs like Social Security and Medicare also add to costs.
Interest payments on the debt add further pressure. A research group studied how the debt could affect Americans.
This includes a student paying for college. It also includes a family buying a home. And it includes someone receiving Social Security payments.
Key Terms 3
- National debt Total amount of money a government owes to lenders.
- Social Security US government program paying money to retired or disabled people.
- Medicare US government health insurance program for people over 65.