National debt hits $40 trillion

U.S. total public debt hit $40 trillion last week as the average federal debt rate rose to 3.4% from 1.5% in 2021. For scale, Treasury data show the same measure crossed $35 trillion on July 26, 2024 — a $5 trillion increase in just over two years. Former House Speaker Paul Ryan rejected Treasury Secretary Scott Bessent’s claim that economic growth alone can solve the problem.