(Shola Lawal’s article from THE AL JAZEERA onc21 August 2026.)
US
debt hits $40 trillion: Who does Washington owe and why does it matter? Heavy
borrowing, increased spending and tax cuts by Democratic and Republican
administrations have long raised concerns.
Total
United States debt 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 raised 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.
The rising US debt comes despite Trump’s championing of cost-cutting and efficiency as a hallmark of his second term, with his Department of Government Efficiency (DOGE) initiative slashing between 250,000 and 350,000 federal jobs and cutting global aid since the start of last year. In May 2023, the Congressional Budget Office (CBO) predicted that the US would reach the $40 trillion mark in 2028.








