The total debt of the United States has surpassed $40 trillion for the first time in history, according to a Department of the Treasury update on Wednesday.
Ballooning debt, especially during President Donald Trump’s second term, which began in January last year, has been raising concerns about a looming fiscal crisis for some time, with economists fearing a toxic combination of heavy borrowing, increased spending and lower taxes could land the world’s biggest economy in crisis.
Click here to read more: US debt hits $40 trillion: Who does Washington owe and why does it matter? | Business and Economy News | Al Jazeera
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