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The U.S. national debt has surpassed $40 trillion for the first time, reaching about $40.05 trillion in August 2026. The milestone reflects decades of federal deficits, as government spending continues to exceed tax revenue. Rising interest costs, Social Security, Medicare, defense spending, and other government programs are contributing to the growing debt. Economists warn that continued borrowing could increase interest costs and limit the government's ability to respond to future economic crises.