US National Debt Hits Record $40.5 Trillion

DID Press: US’ national debt has surpassed $40.5 trillion, reaching its highest level in history, according to data from the US Department of the Treasury.

Figures released by the Treasury Department show that the US government’s total debt reached $40.52 trillion as of October 26, setting a new record.

The US national debt exceeded $38 trillion in October last year and crossed the $40 trillion mark in August this year. It has increased by $20 trillion in less than a decade.

According to estimates by the Peterson Institute for International Economics, the US national debt could reach $50 trillion within the next six years if reforms are not made to government spending or the country’s tax system.