Economic Buzz: US national debt hits $40 trillion

The national debt in the United States surpassed $40 trillion on Wednesday, the Treasury Department stated in its latest daily report.

According to the latest data, the government's debt added another $1 trillion in debt in just five months, jumping from the $39 trillion mark reached in March. The government debt doubled in less than a decade, rising from $20 trillion in 2017 to more than $40 trillion today, underscoring the rapid pace at which federal borrowing has expanded.

The debt widened after the Supreme Court struck down President Donald Trump's tariffs, a ruling that could require the government to refund around $149 billion in tariff revenue.

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