Washington, Aug. 20 -- The US is going deeper into an economic hole as its national debt has reached a soaring record $40 trillion.
The Treasury Department said federal debt crossed the $40 trillion mark on Tuesday, which is a milestone that was reached far sooner compared to prior projections.
The Congressional Budget Office had estimated in May 2023 that the threshold would not be crossed until fiscal year 2028.
Washington's debt rose by $1 trillion in the span of just five months, while federal spending continues to exceed government revenue.
The US recorded a $1.8 trillion budget deficit during the first 10 months of the current fiscal year, which ends on September 30, reports CNN.
Michael Peterson, CEO of the Peter G Peterson Foun...