America’s debt mountain grows steeper at $40trn
— By Elena Marsh, Senior Correspondent
U.S. federal debt reached about $40.05 trillion on August 18, according to the Treasury’s daily financial report, more than doubling from its 2017 level as persistent deficits continue to outpace government revenue. The underlying concern is not only the stock of debt but its compounding cost: with interest expense now exceeding spending on national defense or Medicare, debt service is becoming a larger structural claim on the federal budget.
Tags: #national-debt, #federal-deficit, #government-spending, #interest-payments, #us-economy