U.S. National Debt Reaches $40 Trillion

Why it matters locally: The rising national debt can influence federal funding for programs Maine relies on, such as Social Security and Medicare, and could impact the state's share of federal grants.

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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.