US Public Debt Exceeds $40 Trillion for First Time

US public debt has exceeded $40 trillion for the first time. Bloomberg Economics reports the total debt has surged by a third in less than five years. Lawmakers are continuing to ignore calls to address historically wide fiscal deficits. The increase places US public debt at a record level. No further details on market reaction or policy response were provided in the initial report. The data indicates a rapid expansion of the national debt over the short term. Lawmakers have not yet taken steps to contend with the widening fiscal deficits. The $40 trillion threshold marks a new high for total US public debt. The surge occurred over a period of less than five years. Bloomberg Economics noted that lawmakers continue to shrug off calls to contend with the deficits. No other figures or quotes were included in the source material. The report highlights the current state of US public debt relative to previous records. The deficit situation remains unresolved according to the available information.