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…
President Trump’s promises to restore fiscal order and reduce the amount of America’s debt burden have been undercut by spending on the Iran war, tax cuts and tariff refunds.
The landmark number was reached in part because of lost revenue from invalidated tariffs.
There is a lot to unpack about the national debt. Here's a starter guide to what's happening with the national debt right now.
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…
