The U.S. debt tops a record-shattering $40 trillion. Yes, with a T. — from npr.org by Scott Horsley
The federal debt topped $40 trillion Wednesday, a new high-water mark for red ink that shows no sign of receding.
The news, reported by the Treasury Department in its daily financial update, comes just five months after the debt surpassed $39 trillion. The government continues to pile up debt at a rapid clip, as spending outstrips revenue by more than $2 trillion a year.
“Our current fiscal trajectory is plainly unsustainable, and that’s the best-case scenario,” said Margaret Spellings, president of the Bipartisan Policy Center. “Even in the rosiest scenarios, we’re speeding toward a cliff and refusing to turn the wheel.”
Also related, see:
Gross National Debt Reaches $40 Trillion — from crfb.org
And other warnings signs are flashing too, with debt held by the public recently exceeding the size of our economy, the deficit-to-GDP ratio running twice as high as where it should be, and interest costs exceeding our national defense budget.