A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023.
Kevin Lamarque | Reuters
Government debt has eclipsed $40 trillion, passing yet another staggering benchmark for red ink, according to the Treasury Department.
The total U.S. IOU hit $40.05 trillion as of Monday, some four and a half years after topping $30 trillion. Years of escalating budget deficits, pushed higher by stimulus funding during the Covid pandemic, have seen the public share of the debt near 100%.
In the most recent monthly accounting of U.S. finances, Treasury reported a $432.3 billion deficit in July, the highest monthly total since March 2021. The year-to-date shortfall is nearing $1.8 trillion, higher than the same period a year ago.
Ten years ago, the debt level was at $19.4 trillion.
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