The national debt surpassed a record USD 40 trillion on Wednesday, a staggering milestone as defense costs, social programs like Social Security and Medicare and interest on the burgeoning deficit to make up an enormous share of federal spending.
The milestone figure was recorded just five months after the US hit a record USD 39 trillion debt in March. It reached USD 38 trillion five months before that, in October.
The unprecedented USD 40 trillion figure highlights competing administration priorities, from boosting the defense spending that the US relies on to carry out President Donald Trump’s almost-6-month-old Iran war to lowering the cost of gas and groceries.
Kush Desai, a White House spokesman, said the Trump administration “has been focused on slashing waste, fraud, and abuse in federal spending while accelerating economic growth to get America’s debt-to-GDP ratio trending in the right direction.”
However, experts say the exploding debt and the latest record milestone is ..
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