National Debt Crosses $40 Trillion, Think Tank Warns of 'Tragic Fiscal Mismanagement'

Summary

The U.S. national debt has surpassed $40 trillion, raising alarms among economists and think tanks about fiscal mismanagement and its impact on interest rates and household expenses. The Congressional Budget Office reported the Treasury is paying $3 billion daily in interest, and budget watchdogs are urging policymakers to address the spiraling debt, which has led to a debt-to-GDP ratio above 120%.