US National Debt Tops $40 Trillion

The U.S. national debt has surpassed $40 trillion for the first time, marking a historic milestone in a borrowing buildup that has accumulated over generations, through wars, recessions, tax changes and the expansion of major federal benefit programs under presidents of both parties.The Treasury Department reported that total public debt outstanding reached about $40.047 trillion Tuesday, according to The Wall Street Journal and The New York Times. The number is striking, but the more significant measure for economists is debt held by the public — money the federal government owes to investors and other entities outside the federal government. That...