National debt tops $40 trillion after doubling in under 10 years

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The U.S. federal debt has reached a record-shattering $40 trillion, having doubled in less than ten years. This surge resulted from significant tax cuts and trillions in pandemic spending, which increased national interest payments. As the government adds red ink rapidly, nervous investors are demanding higher interest rates. This shift is subsequently pushing up borrowing costs for everyone else, reflecting the growing financial pressure caused by the mounting national debt and its impact on the economy.
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