In 2016, Trump pledged to erase the federal debt. It just hit $40tn | Steven Greenhouse
Summary
The U.S. federal debt has surpassed $40 trillion under President Donald Trump. Despite his 2016 promise to eliminate the debt in eight years, the debt has more than doubled, partly due to large tax cuts for the wealthy and corporations.Key Facts
- The federal debt has grown to over $40 trillion during President Trump’s time in office.
- In 2016, Trump promised to erase the federal debt within eight years.
- Trump’s tax cuts, known as the “big, beautiful bill,” are expected to increase the debt by $3.4 trillion over the next decade.
- The total federal debt grew by $11.6 trillion during Trump’s presidency, including his first term.
- Almost half of the $4.4 trillion in tax cuts went to the richest 5% of Americans.
- Rising federal debt has contributed to higher long-term interest rates and more expensive mortgages.
- The U.S. will face more than $2 trillion yearly in interest payments on the debt by the mid-2030s, doubling current costs.
- The growth in debt and tax policy have raised concerns about affordability for everyday Americans in areas like housing, childcare, and healthcare.
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