US national debt increases by nearly $400 billion in two months

According to official data, the US national debt has reached almost $40.4 trillion. This marks a 1% increase since August 19 this year, when it first hit the record $40 trillion mark.

American experts project that the US debt will rise to about 120% of GDP over the next decade. This means the federal government's debt will exceed the total annual output of the US economy. Washington currently spends nearly $970 billion a year just on debt interest payments—more than its entire defense budget. Since 2020, these interest costs have tripled.

According to the Peterson Institute for International Economics, without spending cuts or tax reform, the national debt could reach $50 trillion within six years.