US National Debt Hits New Record

The US national debt has surpassed $40 trillion, reaching the highest level in history. The Associated Press reported this. Notably, the country's debt had reached $39 trillion just five months earlier, in March.

A large share of US federal spending goes toward defense, Social Security and Medicare, as well as interest payments on the national debt. Experts cite government spending exceeding tax revenues as the main reason for the debt's steady growth.

Large-scale borrowing to support the economy during the COVID-19 pandemic also played a significant role in the sharp increase in debt. Later, policies aimed at cutting taxes and increasing government spending further intensified pressure on the federal budget.

Experts emphasize that rising national debt is also affecting the lives of ordinary Americans. In their view, higher borrowing costs could affect mortgage and auto loan rates, while also limiting companies' investment opportunities.

According to estimates by the Bipartisan Policy Center, US national debt could reach the $41.1 trillion limit between late winter and mid-summer 2027. Congress will then have to decide whether to raise the debt ceiling or temporarily suspend it.