U.S. debt reaches $40 trillion as interest costs climb

U.S. national debt has reached $40 trillion, doubling from just under $20 trillion at the start of 2016. Spending increases, tax cuts, crisis responses and higher costs for social programs have widened the gap between government revenues and expenditures.

Interest payments are now 15% higher than a year ago and consume nearly 20% of tax revenue. Economists say the U.S. still benefits from the dollar’s reserve-currency status, but weaker demand for government bonds could push borrowing costs higher and increase financial risks worldwide.

Read the full story at surinametimes.com.