business π US debt breaks $40T mark, what's the deal?
Total United States debt has surpassed $40 trillion for the first time in history, according to a Department of the Treasury update on Wednesday. This massive debt concerns economists as heavy borrowing, increased spending, and lower taxes raise fiscal crisis fears. In May 2023, the CBO predicted this $40 trillion milestone would be hit in 2028. The rise is fueled by crisis spending, low tax revenue, and rising interest payments. Experts suggest this trend will continue, with the CBO estimating debt will hit 120% of GDP by 2036. π