The New York Stock Exchange is seen in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig, File)
\n\nSpecialist Gregg Maloney works on the floor of the New York Stock Exchange, Friday, Aug. 7, 2026, in New York. (AP Photo/Yuki Iwamura)
\n\nWASHINGTON (AP) — The national debt surpassed a record $40 trillion on Wednesday, a staggering milestone as defense costs, social programs like Social Security and Medicare and interest on the burgeoning deficit make up an enormous share of federal spending.
\n\nThe milestone figure was recorded just five months after the U.S. hit a record $39 trillion debt in March. It reached $38 trillion five months before that, in October.
\n\nThe unprecedented $40 trillion figure highlights competing administration priorities, from boosting defense spending that the U.S. relies on to carry out President Donald Trump’s almost-6-month-old war in Iran to lowering the cost of gas and groceries.
\n\nKush Desai, a White House spokesman, said the Trump administration “has been focused on slashing waste, fraud, and abuse in federal spending while accelerating economic growth to get America’s debt-to-GDP ratio trending in the right direction.”
\n\nHowever, experts say the exploding debt and the latest record milestone are already affecting Americans’ pocketbooks by raising…
Original source: https://apnews.com/business