SAEDNEWS: US National Debt Surges Nearly $400 Billion in Two Months After Hitting Record $40 Trillion
According to Saednews, as per a data published by the US Treasury Department and analyzed by TASS, the US national debt has reached nearly $40.4 trillion.
Since surpassing the record $40 trillion mark on August 19, the country’s total government debt has increased by approximately 1%.
US experts project that the national debt could rise to around 120% of gross domestic product (GDP) over the next decade, potentially exceeding the annual economic output of the entire country.
The US government currently spends nearly $970 billion annually on interest payments on its national debt, surpassing its defense spending. These interest expenses have tripled since 2020.
According to the Peterson Institute for International Economics, without reforms to government spending or taxation, the US national debt could reach $50 trillion within the next six years.
