Washington: (RightNow) The United States’ total national debt has exceeded $40 trillion for the first time. According to the US Treasury Department, the debt has doubled since 2017.

The Treasury Department reports that during President Trump’s two terms, the debt increased by $11.6 trillion. Under former President Biden, the debt rose by $8.4 trillion.

The Treasury warns that the risk of a financial crisis is growing in the country. Interest payments on the debt and social welfare expenses have increased.

This situation could be dangerous for financial stability. The high debt level may put pressure on the economy.

It is noteworthy that in January 2017, when President Trump took office, the debt was $19.95 trillion. Tax cuts led to a decrease in government revenue.