US national debt rises $658B since July 1 amid spending criticism

The US national debt has ballooned by $658 billion since July 1, pushing the gross figure past the $40 trillion mark for the first time in history. The milestone, reached on August 18, puts a sharp number on a problem that Washington has discussed loudly and addressed quietly for years. To put that in perspective, the government has been adding roughly $8 to $9 billion in debt every single day. The numbers behind the borrowing binge The gross national debt hit $40.05 trillion on August 18, up from approximately $39.4 trillion at the end of June. Debt held by the public, the portion that economists consider most relevant for measuring economic impact, stood at roughly $32.0 to $32.2 trillion during the same period. The total federal deficit for fiscal year 2026 reached $1.8 trillion through July, a 4% increase compared to the same point last year. Net interest payments climbed by $117 billion year-over-year, a 14% increase. Interest on the national debt is now competing with defense spending and Medicare for the title of largest federal expense. The national debt has more than doubled compared to a decade ago. What’s driving the deficit The spending side of the ledger tells most of ...