Debt levels also show no signs of leveling off. The government continues to increase debt rapidly, with spending exceeding revenue by more than two trillion dollars a year.
The national debt, reported by the Treasury Department on Wednesday, reached the milestone just five months after it passed $39 trillion.
Even in the most favorable scenarios, we are rushing towards a precipice without wanting to turn the wheel, says Margaret Spellings, director of the Bipartisan Policy Center think tank, according to the NPR radio network.
The budget deficit increased further when the US Supreme Court struck down many of President Donald Trump's tariffs.
It forces the government to repay over $100 billion in illegally collected import duties.
