U.S. Debt Hits $40 Trillion

The U.S. national debt surpassed $40 trillion for the first time this week, the Treasury Department said, rising by more than $11 trillion over the past five years. The total equals about $116,618 per U.S. resident and climbed from $38 trillion in October to $39 trillion in March before crossing $40 trillion. Higher federal borrowing can pressure interest rates for mortgages, auto loans and other consumer credit. Vice President JD Vance blamed the Biden administration, while Treasury Secretary Scott Bessent said the Trump administration aims to manage the debt through faster economic growth.