US National Debt Tops $40 Trillion Milestone

The US national debt crossed $40 trillion on Tuesday, the Treasury Department confirmed Wednesday. The debt stood at roughly $20 trillion in 2017, meaning it doubled in less than a decade.

• $1.8 trillion deficit accumulated in the first 10 months of fiscal year 2026.
• Interest payments topped $1 trillion in fiscal 2025, up from $949 billion in 2024.
• 30-year Treasury yield hit its highest level since 2007 this week.
• CBO projected the $40 trillion threshold would not be crossed until fiscal year 2028.

Why it matters: The debt load affects borrowers directly: higher Treasury yields pull mortgage, auto, and credit card rates upward. Interest costs now rank as the government's second-largest expense, behind only Social Security.

• The Peter G. Peterson Foundation projects debt reaches $50 trillion within six years at the current pace.
• The Social Security retirement trust fund is projected to be exhausted in 2032, when benefits would be cut to 78% of scheduled amounts without congressional action.

How 73 sources split on this story

Where they split: Coverage agrees on the numbers but splits on which policy decisions deserve the most blame — tax cuts, entitlement growth, pandemic spending, or the Supreme Court's tariff refund order.

What’s next: Congress is unlikely to face a debt ceiling vote until roughly 2027, after last year's $5 trillion limit increase.

• The Treasury announced it will increase buybacks of long-term bonds in coming months.
• Whether bond markets will force a policy response before Congress acts voluntarily.
• How much of the accelerated debt growth stems from the Supreme Court's tariff refund order versus structural spending and revenue trends.