‘Republicans ran up the tab’: Democrats outraged over $40tn national debt – live

The US gross national debt has surpassed $40 trillion for the first time, with the national deficit doubling over the past decade. Spending has increased under both the Trump and Biden administrations. During his October 2024 presidential campaign, Donald Trump held a publicity event at a Pennsylvania McDonald's, where he made unsubstantiated claims about Kamala Harris's past employment. This event, along with Republican efforts, aimed to capitalize on an affordability crisis exacerbated by global inflation following the Covid pandemic.

The U.S. national debt surpassed $40 trillion on Wednesday, a record milestone occurring just five months after reaching $39 trillion. This increase is attributed to defense costs, social programs like Social Security and Medicare, and interest on the deficit, reflecting competing administration priorities. While a White House spokesman stated the administration is focused on reducing waste and accelerating economic growth, experts warn the rising debt is increasing borrowing costs for consumers, reducing business investment, and making goods and services more expensive. Advocates for a balanced budget caution that this trend will lead to tougher fiscal tradeoffs for Americans in the future. The U.S. is projected to reach its statutory debt limit of $41.1 trillion between late winter and mid-summer of 2027, requiring Congressional action.