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US debt hits US$40 trillion high, raising ‘doom loop’ risk
While the nation has long carried a significant amount of debt, there are several recent trends that have budget and financial markets experts even more concerned.
The federal government’s IOU has now more than doubled in less than a decade, from $19.95 trillion when President Donald Trump was sworn in for the first time in January 2017.
US government debt hits $40tn as borrowing rises at historic rate
As the rising costs of social safety-net programs, the military and Donald Trump’s tax cuts strain US federal government budgets, the treasury’s daily cash and debt balances statement showed total public debt outstanding at $40.047tn on Tuesday – a disclosure likely to escalate fears of a brewing fiscal crisis.
