US National Debt Hits $40 Trillion, Now Owes More Than Your Ex’s Emotional Damage
KEY POINTS
- •The US federal debt exceeded $40 trillion on Wednesday, including amounts owed within government accounts.
- •President Trump’s tax-and-spending laws and additional Iran war funding requests are expected to add to deficits.
- •Forecasts indicate over $1 trillion will be spent on net interest in 2026, surpassing many mandatory programs.
In a landmark ‘We Owe Ourselves’ moment, the US federal debt skyrocketed past $40 trillion this Wednesday—yes, that’s trillion with a T for ‘Take out a new loan.’ Economists bite their nails over the $32 trillion borrowed from the public, ignoring intra-government IOUs like they’re awkward family secrets. Thanks to President Trump’s tax-and-spending spree and an uninvited $30+ billion Iran war fund request, the debt party’s just getting started. Mortgage rates now dance with 10-year Treasury yields, so homebuyers can celebrate with pricier loans. The feds will splash over $1 trillion on interest in 2026 alone—more than Social Security or Medicare—adding financial guilt trips to your taxes. Meanwhile, Brett Loper of the Peter G. Peterson Foundation warns inflation paranoia could make us print money like it’s Monopoly night. Despite this fiscal fireworks show, Congress is still debating whether to Netflix and chill on spending or tax hikes. Spoiler: No winners yet.
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(1 of 3)The US owes $40 trillion, mostly to... itself. It’s like lending your own couch money to buy furniture then raising rent on yourself. Meanwhile, your mortgage climbs because of this cosmic comedy called fiscal policy.
US national debt cracks 40 trillion, mostly IOUs between government branches like awkward roommates splitting bills nobody wants to pay.
Your mortgage rates just got a power-up from the world’s biggest credit card debt: US government’s $40 trillion tab no one’s ready to settle.
Source: Axios | Published: 8/20/2026 | Author: Herb Scribner
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