US National Debt Hits $40 Trillion

WASHINGTON (AP) — The national debt has surpassed a record $40 trillion, highlighting the impact of defense costs, social programs, and interest on the deficit. This milestone comes just five months after hitting $39 trillion. Experts say the growing debt is already affecting Americans by raising borrowing costs and lowering wages. Advocates for a balanced budget warn of tougher fiscal tradeoffs ahead. Margaret Spellings from the Bipartisan Policy Center says the fiscal trajectory is unsustainable. The U.S. is subject to a statutory debt limit, which Congress may need to address again by 2027.