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U.S. debt reaches $40 trillion amid Iran war, tax cuts, and refunds
The surge is linked to spending tied to the Iran war plus the costs of tax cuts and tariff refunds, according to NYT.
The United States has reached a new milestone, with total public debt topping $40 trillion, according to reporting by the New York Times.
The outlet says President Trump had promised to restore fiscal order and reduce the debt burden, but those goals have been challenged by new spending and revenue measures, including costs associated with the Iran war, tax cuts, and tariff refunds.
Both NYT Business and NYT Economy attribute the rise in part to those factors, pointing to the combined effect on the pace of borrowing.
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