National debt tops $40 trillion after doubling in under 10 years
Federal debt has mounted amid tax cuts and trillions in pandemic spending, adding to the nation's interest payments.
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Federal debt has mounted amid tax cuts and trillions in pandemic spending, adding to the nation's interest payments.
The national debt is rising faster than ever and threatens to undermine confidence in the economy, experts warn.
Despite President Trump's promise of cuts, the federal government has spent more than $200 billion more in his first 100 days than the same time period last year.
The national debt now tops more than $34 trillion. That's a new record difficult to comprehend — and there are no signs of slowing it down.
With just two days to spare, President Joe Biden has signed legislation that lifts the nation's debt ceiling.
President Biden claims GOP policies would add $3 trillion to the national debt.
The treasury secretary warned household payments on mortgages and auto loans would go up, and other payments to military families and seniors would not be made.
"I respectfully urge Congress to act promptly to protect the full faith and credit of the United States," Yellen wrote to congressional leaders.
