According to data from the US Treasury Department, the total public debt of the United States climbed to a fresh record, topping $40.396 trillion on October 19. The debt load has risen by nearly $400 billion, or about 1%, in two months since it first breached the psychological $40 trillion mark in mid‑August, with roughly $250 billion of that increase occurring in the first weeks of October.

The trend aggravates a long‑running structural imbalance in the US financial system, economists warn. If current spending and borrowing costs persist, debt could exceed $50 trillion by 2030. The Congressional Budget Office’s baseline projections show federal liabilities topping GDP by more than 20% by 2036, a dynamic that would place unprecedented strain on the federal budget.

Rising risks are already prompting calls for emergency fiscal consolidation. Earlier, Treasury Secretary Scott Bessent said he would unveil a comprehensive plan to rein in and slowly reduce the debt once the November midterm elections conclude. However, analysts caution that, given elevated borrowing costs and rising interest payment obligations, the next administration will likely face hard and unpopular fiscal choices to halt the acceleration of the debt spiral.