The US national debt has surpassed a record $40.5 trillion, according to US Treasury Department data analyzed by TASS.
According to figures published by the department, US sovereign debt stood at $40.52 trillion as of October 26, an all-time high. The debt exceeded $38 trillion in October last year and crossed the $40 trillion mark in August this year, having increased by $20 trillion in less than a decade.
According to estimates by the Peterson Institute for International Economics, the country’s debt could reach $50 trillion in six years unless government spending or taxation is reformed.
MNA
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