Washington’s liabilities have doubled since 2017 amid persistent deficits, crisis spending, and mounting military costs
The US national debt has surpassed $40 trillion for the first time, reaching the milestone months earlier than expected as Washington’s borrowing accelerates amid persistent deficits, rising interest costs, and military spending.
The debt was expected to reach the milestone next year, but it has jumped by $1 trillion since March. For comparison, it took nearly 200 years for total US debt to reach $1 trillion for the first time, in 1981.
Treasury Department figures released Wednesday showed total outstanding debt reaching about…
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