U.S. Federal Debt Reaches $40 Trillion Amid Trump Administration's Fiscal Policies
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The Treasury Department reported this week that the U.S. federal debt had reached $40 trillion, an eye-popping level of red ink. Just the annual interest on that accumulated debt now tops a trillion dollars, making it the government's second-biggest expense, behind only Social Security.
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PBS NewsHourThe U.S. national debt now stands at $40 trillion The national debt surpassed a record $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.
VoxAmerica’s national debt cleared $40 trillion for the first time ever on Wednesday, a number so comically large as to feel imaginary. Seriously — look at it in all of its comma-strewn glory: $40,203,821,194,241. And because the US racks up tens of thousands of dollars of new debt every second, that number was outdated even as I typed it.
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How did the debt get so big? For years, the government has spent more money than it collects in taxes. Some of that has been driven by political choices — to wage war, cut taxes or provide a more generous social safety net during the pandemic. But much of the growth in spending happens automatically, as baby boomers age into retirement, resulting in higher costs for Social Security and Medicare.
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VoxOn some level, the steady ballooning of the national debt is basic math, familiar to anyone with a budget of their own. The government’s expenses — particularly the costs of Social Security and Medicare — are growing, while successive rounds of tax cuts have reduced the revenue available to cover them. As the government accumulates more debt, it also has to spend more just to cover the interest.
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President Trump reupped claims of widespread illegal voting by non-U.S. citizens with the help of an unusual Census Bureau report that appears to have ties to a think tank aligned with him, NPR has learned. Trump said that the bureau's initial analysis of more than 128 million voter records shows that over 24,000 noncitizens voted illegally in the 2020 presidential election. The seven-page unauthored report says it utilizes information from a 2020 commercial voter file and various federal administrative records. Data and election experts say the report's conclusions are questionable.
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A Census Bureau employee, who NPR has agreed not to name due to fears of workplace retaliation, says that the team behind the report included people affiliated with the America First Policy Institute, established by officials from Trump's first administration.
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"President Trump pledged to clean up Joe Biden's fiscal mismanagement," White House spokesman Kush Desai said in a statement. "That's why 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 again."
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HuffPostStill, the Trump administration has repeatedly defended the president’s record. “President Trump pledged to clean up Joe Biden’s fiscal mismanagement,” White House spokesperson Kush Desai told NPR this week. “That’s why 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 again.”
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 The Hill GOP, Democrats lament $40 trillion debt as Congress struggles to act Lawmakers are sounding the alarm over the nation’s $40 trillion debt, lamenting Congress’s inability to meaningfully confront a problem that has grown increasingly difficult to ignore. Both parties have spent years trying to tackle the rising debt. Republicans have frequently pointed to federal spending and entitlement programs as the main drivers, while Democrats have emphasized…
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02 NBC News Angie Nixon says Florida 'is not red, it just hasn't been invested in by Democrats': Full interview 12:07 'I am not running for president,' Attorney General Todd Blanche says at the Iowa State Fair 05:24 Now Playing 'Nothing has gotten better': Focus group shares affordability concerns as US debt 20:52 UP NEXT How Sen. Darline Graham’s debate blunder could give undecided voters ‘some pause’ 06:21 ‘Fed up with a war they didn't want’: Midwestern voters air frustrations impacting the midterms 05:33 Democratic candidate for FL governor says Trump is ‘promoting socialism’ as president 10:25 Diversity ‘strengthens us’: Democrat challenging Debbie Wasserman Schultz after GOP redistricting 08:26 Kornacki previews key Florida primaries after ‘dramatic’ redistricting 10:53 ‘Resign.
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03 NPR News Here are three things to know about the deepening financial hole the government is in.
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04 The Guardian US You could pin the US’s staggering $40tn in government debt to Donald Trump’s Keystone Cops-style governance. Tariffs he sold as a new source of revenue were struck down by the supreme court, forcing the government to return tens of billions of dollars to importers. Elon Musk’s “department of government efficiency” (Doge), ostensibly created to stop wasteful government spending, decimated federal programs and likely killed millions of children, but did nothing to close the budget deficit. The burst of inflation following Trump’s misguided adventure in Iran sharply raised the cost of serving the government’s obligations.
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05 New York Post If you’re worrying about a pending fiscal Armageddon over the country’s debt, it’s time to waste your cortisol spikes on something else.
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06 Washington Examiner The ticking time bomb that is the national debt just crossed the $40 trillion mark and could spark a fiscal crisis that could throw the economy into disarray, spiking unemployment and exploding inflation.
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07 Fox News New Jersey Gov. Mikie Sherrill criticized the Trump administration Wednesday while releasing findings from her investigation into thousands of ineligible voters improperly registered in the state.
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08 Vox This story appeared in Today, Explained, a daily newsletter that helps you understand the most compelling news and stories of the day. Subscribe here.
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09 National Review America’s $40 Trillion Nightmare The nation’s finances hit a grim milestone.
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10 HuffPost Joe Scarborough zoomed in on President Donald Trump when presented with a Treasury Department report that found the U.S. federal debt at a record-high $40 trillion.
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11 Democracy Now The U.S. Treasury reports the national debt has passed the $40 trillion mark — months earlier than previously expected, mostly due to lost revenue from President Trump’s tariffs. And there’s no sign of deficit spending ending anytime soon, as the Pentagon seeks tens of billions of additional dollars to pay for the U.S. and Israeli war on Iran, and after the Trump administration in April asked Congress to boost war spending to $1.5 trillion. During his 2016 campaign, Donald Trump pledged to “completely eliminate” what was then a $19 trillion debt within eight years.
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