Economy & Jobs · Live

Is $40 Trillion in Debt a Full-Blown Crisis?

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The facts

U.S. total public debt topped $40 trillion for the first time in August 2026, according to the Treasury Department.

The national debt roughly doubled from about $20 trillion in 2017 to $40 trillion in 2026, spanning the Trump and Biden administrations.

CBO projects net interest payments will exceed $1 trillion in fiscal 2025, surpassing total federal defense spending.

Social Security, Medicare, Medicaid, and interest now consume more than 60% of federal spending, per CBO baseline data.

The debt-to-GDP ratio has climbed above 120%, higher than the post-World War II peak of about 106% in 1946.

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Is $40 trillion in national debt a full-blown crisis?
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