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US gross national debt tops $40tn for first time in record high
Spending grew under both Donald Trump and Joe Biden, and the debt increase accelerated in fiscal 2026, which began in October 2025.
The US gross national debt reached $40tn for the first time on Wednesday, setting a new record high, according to Guardian Economics.
The government deficit has doubled over the past decade, the outlet said, with government spending increasing under both Donald Trump and Joe Biden. It noted that Trump approved $8.4tn worth of debt in his first term, including a large share tied to Covid-19 relief, while Biden approved $4.3tn worth of debt.
Guardian Economics also said that in fiscal year 2026, which began in October 2025, $1.8tn has been added to the debt so far. Reactions from both parties focused on how recent spending bills have driven the rise.
Democrats blamed Trump and a Republican-controlled Congress for the uptick, while Republicans argued that Congress needs to rein in spending. The outlet cited criticism tied to the One Big Beautiful Bill Act, which the nonpartisan Congressional Budget Office estimates would increase the deficit by $3.3tn.