US gross national debt tops $40tn for first time, likely to escalate fears of fiscal crisis

Rising costs of social safety-net programs, military and Trump’s tax cuts strain federal government budgets

The US gross national debt pile has topped $40tn ⁠for the first time, the treasury department said on Wednesday, in another troubling milestone in the wake of decades of borrowing to fund government spending.

As the rising costs of social safety-net programs, the military and Donald Trump’s tax cuts strain US federal government budgets, the treasury’s daily cash and debt balances statement showed total public debt outstanding at $40.047tn on Tuesday – a disclosure likely to escalate fears of a brewing fiscal crisis.