US debt hits $40 trillion as spending outpaces revenue

The United States national debt reached $40 trillion for the first time on Wednesday, according to Treasury data. The debt has more than doubled since 2017, driven by large budget deficits, pandemic spending, and rising interest costs. Interest payments now exceed $1 trillion annually and are the second-largest federal expense after Social Security. Experts warn the trajectory is unsustainable, with the debt-to-GDP ratio around 125%. The government is expected to hit the debt limit of $41.1 trillion by mid-2027, requiring congressional action.