The U.S. national debt has surpassed $40 trillion, setting off new warnings from prominent conservatives who say Washington’s spending and borrowing have reached dangerous levels.
The historic milestone is also creating an uncomfortable debate inside the Republican Party.
While Republicans have spent years criticizing Democratic spending policies, conservative commentators and GOP officials are increasingly acknowledging that President Donald Trump, Republican lawmakers and Democrats have all played roles in America’s growing debt problem.
For taxpayers already concerned about inflation, interest rates and the cost of living, the $40 trillion figure raises an even larger question: How long can the federal government continue borrowing at this pace?
U.S. National Debt Crosses $40 Trillion
America’s debt has increased dramatically over the past decade.
When President Barack Obama left office in January 2017, the national debt stood at approximately $19.95 trillion. It has now more than doubled.
During Trump’s first term, the national debt increased by approximately $7.8 trillion, representing an increase of roughly 40 percent.
President Joe Biden’s administration subsequently added approximately $4.7 trillion to the debt, according to an analysis from the Committee for a Responsible Federal Budget.
Since Trump returned to office for his second term, the debt has increased by approximately another $3.8 trillion.
The precise amount attributable to any president can be debated because federal spending is determined through actions involving both the White House and Congress. Economic conditions, previously enacted legislation and interest expenses can also influence how quickly the national debt grows.
What cannot be disputed is the larger trend: The federal government continues spending substantially more money than it collects.
Conservatives Sound the Alarm
The $40 trillion milestone quickly generated criticism from conservative commentators who have long warned about federal deficits and excessive government spending.
Fox News political analyst Guy Benson was among those expressing frustration.
Reacting to a Wall Street Journal report examining the nation’s debt, Benson called the situation a “disgrace” and criticized both political parties for failing to address America’s deteriorating finances.
Benson argued that Republicans have demonstrated fiscal irresponsibility while Democrats have pursued even more aggressive spending policies.
He also highlighted one of Washington’s biggest political obstacles.
Americans routinely tell pollsters and elected officials that they are worried about the national debt. But when lawmakers propose significant changes to popular federal programs or spending priorities, those proposals can quickly encounter opposition.
That dynamic has allowed the federal debt to continue climbing regardless of which party controls Washington.
Republicans Face Uncomfortable Questions Over Spending
Conservative commentator Jonah Goldberg also pointed to the bipartisan nature of America’s debt crisis.
Goldberg noted that federal debt was just under $20 trillion when Obama left office and has since reached $40 trillion.
His conclusion was straightforward: Trump, Biden and members of Congress from both parties have presided over an enormous expansion of federal borrowing.
That assessment creates a particularly difficult political issue for Republicans.
The GOP has traditionally presented itself as the party of smaller government, lower spending and fiscal responsibility. Yet the federal debt has continued climbing rapidly during periods of Republican control.
For conservative voters, the issue is no longer simply whether Democrats spend too much.
It is whether Republicans are willing to make the difficult decisions necessary to slow Washington’s borrowing when they hold power themselves.
Ron DeSantis Revives Balanced Budget Debate
Florida Gov. Ron DeSantis also responded to the $40 trillion debt milestone by pointing to a major fiscal debate from three decades ago.
In the mid-1990s, America’s national debt was approximately $5 trillion, and lawmakers were considering a constitutional amendment requiring the federal government to maintain a balanced budget.
The proposal came remarkably close to becoming reality.
A balanced budget amendment fell just one Senate vote short of the threshold needed to advance.
DeSantis questioned what America’s financial position might look like today if the federal government had been forced to operate under such a requirement.
The comparison is striking.
The national debt has grown from approximately $5 trillion in the mid-1990s to more than $40 trillion today.
Why $40 Trillion in Debt Matters to Taxpayers
The national debt can seem like an abstract Washington statistic, but its consequences can become increasingly important for ordinary Americans.
One major concern is interest on the national debt.
The federal government must pay interest on the money it borrows. As the overall debt grows, those financing costs can consume an increasingly significant amount of federal resources.
Higher interest expenses can leave Washington with less financial flexibility to address other priorities.
That matters for Americans concerned about programs including Social Security and Medicare, as well as national defense, veterans’ services, infrastructure and other federal responsibilities.
Large and persistent federal deficits can also complicate the government’s ability to respond to future recessions, wars or other national emergencies.
Social Security and Medicare Add to Washington’s Challenge
Solving the debt problem is much more complicated than eliminating a few unpopular government programs.
Some of the federal government’s largest expenses involve programs with enormous public support, particularly Social Security and Medicare.
Millions of older Americans depend on those programs for retirement income and health coverage.
That means lawmakers attempting to reduce federal spending face difficult choices.
Major reductions can generate fierce political opposition, while refusing to address long-term spending pressures allows deficits and debt to continue accumulating.
Defense spending, interest payments and other federal commitments further complicate efforts to balance the budget.
There is no painless solution.
Trump and Republicans Face Pressure From Fiscal Conservatives
The $40 trillion milestone puts additional pressure on Trump and congressional Republicans to demonstrate that their promises of fiscal responsibility will produce measurable results.
Republicans have frequently attacked Democratic spending proposals as excessive and warned that uncontrolled government spending threatens America’s economic future.
Fiscal conservatives are now applying that same standard to their own party.
For voters concerned about government spending, taxes, inflation and the long-term stability of Social Security and Medicare, the national debt could become an increasingly important political issue.
The challenge is that reducing deficits generally requires some combination of faster economic growth, spending restraint, changes to federal programs or additional government revenue.
Each option carries political consequences.
America’s Debt Problem Didn’t Begin With One President
It may be tempting for politicians to blame the opposing party for the country’s fiscal problems.
The numbers tell a more complicated story.
America’s national debt accumulated across Republican and Democratic administrations and under Congresses controlled by both parties.
Trump’s first administration added trillions to the debt. Biden’s administration added trillions more. The debt has continued increasing during Trump’s second term.
That makes the $40 trillion milestone a bipartisan Washington problem, even as Republicans and Democrats continue arguing over who deserves the most responsibility.
For taxpayers, assigning political blame may ultimately matter less than determining whether elected officials have a credible plan to change the country’s financial trajectory.
The Bigger Question Facing Washington
America has gone from roughly $5 trillion in federal debt in the mid-1990s to more than $40 trillion today.
The consequences of that increase will not necessarily appear overnight. But rising interest expenses and continued budget deficits make the long-term challenge increasingly difficult to ignore.
Republicans criticizing the latest milestone are sending an important message to their own party: Fiscal responsibility cannot simply be a campaign slogan used against Democrats.
It also has to apply when Republicans control Washington.
The debate now confronting Trump and Congress is whether lawmakers can reduce deficits without damaging the economy or undermining programs millions of Americans depend upon.
With the national debt already above $40 trillion, Washington may be running out of opportunities to postpone that conversation.
The question for taxpayers is simple: Will Republicans and Democrats finally confront America’s debt problem — or will the country be talking about the next trillion-dollar milestone sooner than anyone expects?