United States gross national debt surpasses 40 trillion dollars for first time

The United States gross national debt surpassed 40 trillion dollars for the first time, ABC News reported. The official national debt figure has doubled in size in less than ten years, according to the network's analysis. [1][5]

Financial analysts told ABC News that the growing federal debt increases upward pressure on interest rates for government debt. Higher yield demands on government obligations can subsequently increase borrowing costs for businesses and individual consumers across the country. [1]

Market analysts stated to ABC News that higher federal borrowing costs could make taking out a mortgage or paying off credit card balances more expensive. They noted that the broader economy could experience a slowdown as overall consumer borrowing costs rise and federal spending is increasingly directed toward interest payments. [1]