Live updates: US national debt hits record $40 trillion
PUBLISHED Aug 20, 2026, 8:40 AM ET
The United States national debt surpassed forty trillion dollars for the first time, driven by escalating federal expenditures on mandatory programs, national defense, and soaring interest payments. According to U.S. Treasury Department data released on Wednesday, total public debt outstanding reached forty trillion and fifty billion dollars as of Tuesday's close. Fiscal watchdogs and nonpartisan organizations noted that the figure has more than doubled over the past decade, outpacing previous Congressional Budget Office projections. Economists warn that mounting borrowing levels risk fueling inflation and increasing borrowing costs for everyday consumers. Simultaneously, political campaigns are leveraging national fiscal pressures ahead of upcoming congressional elections, with party committees highlighting economic management in competitive House races. White House officials defended ongoing economic strategies, pointing to efforts aimed at addressing federal spending waste while fostering broader economic growth.
By Daniel Hayes | JQJO News
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Left: Blames Republican tax cuts and defense spending for fiscal deficits. Center: Reports Treasury data neutrally while emphasizing growing interest cost burdens. Right: Emphasizes entitlement growth and past pandemic spending as primary drivers.
U.S. Treasury Department https://www.cbsnews.com/news/national-debt-tops-40-trillion-doubles/
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Live updates: US national debt hits record $40 trillion
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