DID Press: The national debt of the United States has increased by nearly $400 billion over the past two months, reaching approximately $40.4 trillion.
According to data from the US Treasury Department, the country’s debt surpassed $40 trillion for the first time on August 19 this year and has increased by around 1 percent since then.
US experts project that the national debt-to-GDP ratio will reach approximately 120 percent over the next decade. This would mean that the federal government’s debt exceeds the annual value of the entire US economy.
The United States spends nearly $970 billion annually on interest payments on its debt, an amount greater than its defence spending. These interest costs have tripled since 2020.
The Peterson Institute for International Economics has also warned that, without reforms to government spending or taxation, US national debt could reach $50 trillion within the next six years.