U.S. National Debt Reaches $40 Trillion

Why it matters locally: While the national debt is a federal issue, a significant portion of Maryland's workforce is employed by the federal government or federal contractors, making potential federal spending adjustments or economic instability a direct concern for the state's economy.

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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.