US National Debt Tops $40 Trillion, Treasury Doubles Bond Buybacks
ContestedRigor 6039 sources
The Story
The U.S. national debt surpassed $40 trillion on Tuesday, according to Treasury Department data. This milestone follows the debt reaching $39 trillion in March and $38 trillion in October 2025. The Treasury Department responded to bond market pressure by pledging to double its buybacks of older securities. Starting September 9, the maximum size of each buyback operation in the 10-to-20-year and 20-to-30-year markets will increase from $2 billion to $4 billion, continuing through November 4. This decision came as the 30-year yield climbed to its highest level since 2007 on Tuesday, reaching 5.3%. President Donald Trump stated, "No, I don't think so," when asked if Americans should worry about the volatility. The gross national debt, which includes intragovernmental accounts like Social Security trust funds, has more than doubled from $19.9 trillion since President Trump's first term began on January 20, 2017. The debt held by the public, a separate metric, is currently over $32 trillion. Interest expenses from servicing the national debt now exceed $1 trillion per year. The budget deficit is expected to surpass $2 trillion this year, or nearly 6% of GDP. Factors contributing to the debt's growth include increased enrollment in Social Security and Medicare, the Tax Cuts and Jobs Act, massive spending on COVID-19 relief measures, and increased government spending due to the war with Iran. Revenues have fallen due to tariff refunds and tax cuts for businesses and wealthy individuals from the One Big Beautiful Bill Act. White House spokesman Kush Desai stated the Trump administration focuses on slashing waste, fraud, and abuse in government spending to accelerating economic growth and getting America's debt-to-GDP ratio back on the right track. Margaret Spellings, president and CEO of the Bipartisan Policy Center, stated the federal debt is already raising the cost of living and choking out other spending and investment, threatening the economy and Americans' long-term prosperity. Michael Peterson, CEO of the nonpartisan Peter G. Peterson Foundation, told CBS News that the government has ignored structural challenges in the budget, causing the debt problem to worsen.
The Spread
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What they agree on
- The U.S. national debt surpassed $40 trillion on Tuesday, August 19, 2026, according to Treasury Department data.
- The national debt has more than doubled in less than a decade, rising from approximately $19.9 trillion when President Donald Trump first took office in January 2017.
- Rising interest costs on the debt are a factor contributing to its growth, with annual interest expenses now topping $1 trillion.
- Increased spending on entitlement programs like Social Security and Medicare, along with tax cuts and COVID-19 relief measures, have also fueled the debt's increase.
- The Treasury Department announced an increase in its bond buyback operations to address bond market pressure.
Where they split
- Fox Business and El Pais (English) attribute a portion of the debt's growth to President Donald Trump's terms, citing specific figures like over $11.5 trillion or $11.6 trillion.
- Euronews and Tempo (English) highlight the Treasury's response to calm markets by doubling bond buybacks, while other outlets focus more broadly on the debt milestone itself.
- The Washington Post and PBS NewsHour emphasize the debt hitting $40 trillion faster than forecasters expected, a detail not explicitly highlighted by all other sources.
- Newsmax and HuffPost provide headlines that focus on the implications for Americans or how the debt happened, while others like AP News and The Mainichi (English) offer more direct, concise statements of the debt figure.
Source Perspectives
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