U.S. National Debt Reaches $40 Trillion

Why it matters locally: Connecticut residents, like all Americans, contribute to the national debt through federal taxes, and state services can be indirectly affected by federal funding allocations influenced by the national debt.

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The United States national debt exceeded $40 trillion on Wednesday. This figure represents a new record. Defense spending, social programs such as Social Security and Medicare, and interest payments on the existing debt collectively account for a substantial portion of federal expenditures.