US national debt crosses $40 trillion, doubling since 2016 and quadrupling since 2007
- The US national debt has surpassed $40 trillion. While the US nominal GDP reached $32 trillion.
- According to Treasury data, rising interest payments and government spending under Trump and Biden have fuelled this rapid increase.
- Almost 42% of every dollar collected in individual income taxes now goes towards interest payments.
- Interest rates on 30-year bonds reached 5.34%, the highest level in nearly 20 years, affecting consumer borrowing costs.
Source: bbc.com
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