U.S. debt tops $40 trillion as interest costs pressure the budget

U.S. national debt has surpassed $40 trillion after more than doubling from $20 trillion in 2017. The debt is expected to rise by $2.1 trillion during the 2026 fiscal year, driven largely by persistent budget deficits and mandatory spending on programs including Social Security, Medicare and Medicaid.

Net interest payments now total about $1.2 trillion annually, more than national defense spending, and are projected to cost over $16.2 trillion during the next decade. Rising debt could also contribute to inflation, higher interest rates and pressure on other economies, while projections indicate the $41.1 trillion debt ceiling could be breached by mid-2027.

Read the full story at theconversation.com.