This story appeared in Today, Explained, a daily newsletter that helps you understand the most compelling news and stories of the day. Subscribe here. America’s national debt cleared $40 trillion for the first time ever on Wednesday, a number so comically large as to feel imaginary. Seriously — look at it in all of its comma-strewn glory:…
The U.S. national debt this week topped $40 trillion, raising fresh concerns about how rising federal borrowing could affect Americans' finances.Why it matters: Americans don't personally owe the national debt, but rising debt could pressure lawmakers to raise taxes, cut spending or change federal benefits.State of play: The gross federal debt hit $40…
The problem isn’t tax cuts. Spending is way above historical norms.
The Treasury Department announced this week that the U.S.’s national debt surpassed $40 trillion, a grim milestone that promises to have a reverberating impact on millions of citizens. The debt, valued at around $120,000 per taxpayer, has been incurred because the government has been steadily spending more than it collects in taxes, creating a gaping…
