The US national debt has reached a historic high, exceeding the $40 trillion threshold. This was reported by CNBC, citing data from the country's Department of the Treasury. The total volume of obligations has reached $40.05 trillion, surpassing the $30 trillion mark 4.5 years ago.
In July, the US budget deficit was $432.3 billion, the highest monthly figure since March 2021. Since the beginning of the year, the budget shortfall has approached $1.8 trillion, exceeding the figures for the same period last year. Against the backdrop of rising borrowings and high interest rates, the government's debt servicing costs for the current year have reached nearly $1.2 trillion, second only to expenditures on social security and healthcare.
Ten years ago, the US national debt was $19.4 trillion. The sharp increase in debt is attributed to years of rising budget deficits, which were further accelerated by economic stimulus programs during the pandemic. As a result, the share of national debt has approached 100% of GDP.
