The news, reported by the Treasury Department in its daily financial update, comes just five months after the debt surpassed $39 trillion. The government continues to pile up debt at a rapid clip, as spending outstrips revenue by more than $2 trillion a year, NPR reported.
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“Our current fiscal trajectory is plainly unsustainable, and that’s the best-case scenario,” said Margaret Spellings, president of the Bipartisan Policy Center. “Even in the rosiest scenarios, we’re speeding toward a cliff and refusing to turn the wheel.”
The deficit widened further after the Supreme Court struck down many of President Trump’s tariffs, forcing the Treasury to refund more than $100 billion in import taxes that were collected illegally.
