US national debt hits $40 trillion milestone, Treasury data shows

The US national debt topped $40 trillion on August 18, more than double its 2017 level, according to a CBS News report citing Treasury Department data. Michael Peterson of the Peter G. Peterson Foundation said the government has run deficits for 26 years, with the problem accelerating as ignored structural challenges compound.

Interest payments now exceed spending on defence or Medicare, and the Foundation projects debt could hit $50 trillion within six years absent reform. Analysts cite aging entitlement programs, tax cuts and economic crises as key drivers, warning rising debt could limit the country’s ability to absorb future shocks.