U.S. National Debt Reaches $40 Trillion

Why it matters locally: An increasing national debt could impact federal funding for Michigan's infrastructure projects and social programs, and potentially influence interest rates for state and local borrowing.

---

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.