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US gross national debt tops $40 trillion for first time
Treasury data put gross debt at $40.047 trillion as policymakers contend with a September 30 funding deadline.
The US gross national debt surpassed $40 trillion for the first time, with the US Treasury reporting a balance of $40.047 trillion as of Tuesday afternoon, according to the Guardian Business. The milestone caps years of higher government spending under both the Trump and Biden administrations. During Trump’s first term, he approved $8.4 trillion in debt, including substantial Covid-19 relief spending, while Biden approved $4.3 trillion, according to the Committee for a Responsible Federal Budget, as cited in the report. The article also points to continued additions to the debt in the current fiscal year. For fiscal year 2026, which began in October 2026, $1.8 trillion had been added so far, with tariff refunds totaling $100 billion referenced by the Bipartisan Policy Center.
In a related development, the Treasury announced earlier on Wednesday that it would double its buyback of government debt after the bond market reacted to ongoing inflation and continued conflict between the US and Iran. The report notes the debt threshold was breached as Congress remained out of session, with a government shutdown scheduled for September 30 if lawmakers do not adopt and sign a spending bill.