US national debt tops 40 trillion dollars for first time

The US national debt has surpassed 40 trillion US dollars, according to data released by the Treasury Department on Wednesday. The data show that debt held by the public and intragovernmental holdings read at $32.266 trillion dollars and $7.781 trillion, respectively. Total public debt outstanding stood at $40.047 trillion. The milestone, coming months earlier than expected, reflects the fact that the US federal government has been spending more than it collects in revenue, creating annual deficits that add to the national debt. The federal government has invested trillions of dollars in response to the COVID-19 pandemic, and subsequently pursued tax…