US national debt hits record, rising US$400bil in two months

The US national debt has increased by nearly US$400 billion in the two months since surpassing the record US$40 trillion mark, according to the US treasury department data reviewed by RIA Novosti.

The US national debt crossed the US$40 trillion threshold on Aug 19, with another quarter of a trillion dollars added by early October.

Treasury data show that government borrowing has increased by 1% since the end of August, approaching US$40.4 trillion and setting another record.

According to the latest treasury department figures, the national debt stood at US$40.396 trillion on Oct 19.

Based on current growth rates, analysts project that the US national debt could exceed US$50 trillion by 2030. The Congressional Budget Office forecasts that by 2036, federal debt will be 20% higher than GDP.