US national debt passes record $40 trillion
Summary
The United States national debt has passed $40 trillion for the first time, doubling since President Donald Trump’s first term began in 2017. Both President Trump and President Joe Biden have contributed to the increase, especially due to pandemic spending and other government programs.Key Facts
- US national debt crossed $40 trillion, about $117,000 per person.
- Debt was $19.95 trillion in January 2017 when President Trump first took office.
- About one-third of the debt growth happened during the two years after the COVID-19 pandemic began.
- Debt grew by $11.6 trillion across President Trump’s two terms and $8.4 trillion during President Biden’s term.
- Spending increases included pandemic relief, infrastructure, and clean energy investments.
- The government spends more money than it collects in revenue, especially on mandatory programs like Social Security and Medicare.
- Interest on the debt cost $1.1 trillion, and it rises as debt and interest rates increase.
- President Trump’s second-term plan, the One Big Beautiful Bill Act, could add $4.7 trillion more to the debt.
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