Uploaded August 2026 | Updated September 2026, 3 weeks ago
The national debt is nearing $40 trillion, a pace of borrowing that is outstripping federal forecasts and raising concerns about long-term consequences for the U.S. economy.
The Congressional Budget Office had previously predicted total borrowing would reach $39.4 trillion this year, meaning the country is approaching $40 trillion in mid-August and way ahead of that projection.
The mounting debt was accelerated by President Donald Trump’s tariff policy that was later invalidated by the Supreme Court, prompting the Treasury to scramble to cover costs. The ruling required the U.S. to pay back about $165 billion to importers. In February, Trump criticized the decision, saying, “The Supreme Court’s ruling on tariffs was deeply disappointing and I’m ashamed at some members of the court.”
The debt buildup, however, extends well beyond tariffs. The United States has accumulated debt for years under presidents from both parties as spending continued.
“We've doubled from $20 to $40 trillion in debt over the last 10 years. The $40 trillion is now greater than the overall size of the economy in a given year. We have interest payments,” said Brett Loper, executive vice president of the Peter G. Peterson Foundation.
Those interest payments are set to exceed $1 trillion, close to the amount the Pentagon is seeking to fund the Defense Department next year. Most U.S. debt is held domestically, with Japan and China as the two biggest foreign holders.
Experts warn that delaying action could mean less money for public programs and higher borrowing costs for consumers.
“Higher federal debt is actually pushing up the interest rates that you're paying on your mortgage, on your car loans, on your credit card debt,” said Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget.
READ MORE: 13wham.com/news/nation-world/us-debt-nears-40-trillion-as-federal-spending-outpaces-projections-parties-interest-payments-japan-china
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The national debt is nearing $40 trillion, a pace of borrowing that is outstripping federal forecasts and raising concerns about long-term consequences for the U.S. economy.
The Congressional Budget Office had previously predicted total borrowing would reach $39.4 trillion this year, meaning the country is approaching $40 trillion in mid-August and way ahead of that projection.
The mounting debt was accelerated by President Donald Trump’s tariff policy that was later invalidated by the Supreme Court, prompting the Treasury to scramble to cover costs. The ruling required the U.S. to pay back about $165 billion to importers. In February, Trump criticized the decision, saying, “The Supreme Court’s ruling on tariffs was deeply disappointing and I’m ashamed at some members of the court.”
The debt buildup, however, extends well beyond tariffs. The United States has accumulated debt for years under presidents from both parties as spending continued.
“We've doubled from $20 to $40 trillion in debt over the last 10 years. The $40 trillion is now greater than the overall size of the economy in a given year. We have interest payments,” said Brett Loper, executive vice president of the Peter G. Peterson Foundation.
Those interest payments are set to exceed $1 trillion, close to the amount the Pentagon is seeking to fund the Defense Department next year. Most U.S. debt is held domestically, with Japan and China as the two biggest foreign holders.
Experts warn that delaying action could mean less money for public programs and higher borrowing costs for consumers.
“Higher federal debt is actually pushing up the interest rates that you're paying on your mortgage, on your car loans, on your credit card debt,” said Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget.
READ MORE: 13wham.com/news/nation-world/us-debt-nears-40-trillion-as-federal-spending-outpaces-projections-parties-interest-payments-japan-china
_______________
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13 WHAM Daily Local News Digest: youtube.com/playlist?list=PLuTJB6tta5ar3Fu5CumAvlvVunEP6bc9A
For more information, visit 13wham.com
Have a news tip? Send it directly to us:
Email us: news@13wham.com
Call the Newsroom: (585) 334-8700
WHAM is a NY based station and a ABC Television affiliate owned and operated by Deerfield Media, Inc and receives certain services from an affiliation of Sinclair Broadcast Group. Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country today.
#13WHAM #News #Rochester #NewYork
