US govt debt exceeds S$50.8 trillion mark for 1st time in history

The U.S.'s national debt has soared past US$40 trillion (S$50.8 trillion), the highest number in the country's history.

The record number on Aug. 19 comes amid large-cost federal spending, including in defence, Social Security and Medicare.

High-cost spending

According to AP News, the staggering number has been growing by US$1 trillion (S$1.3 trillion) every five months over the past year.

In October 2025, it reached US$38 trillion (S$48.3 trillion) and in March 2026, it hit a record US$39 trillion (S$49.5 trillion).

Contested administration decisions like U.S. President Donald Trump's war on Iran were among the factors contributing to the high debt.

Other past high-cost packages passed by Congress, like Trump's 2025 One Big Beautiful Bill and several Covid-19 relief bills by Trump and former President Joe Biden are expected to pile onto the federal debt over time, reported CNN.

At the same time, the country's aging society means there are fewer workers to support the number of beneficiaries.

The US$40 trillion (S$50.8 trillion) is said to have hit earlier than expected. The Congressional Budget Office had earlier predicted the U.S. to hit that number only in the 2028 fiscal year.

Affecting Americans' livelihoods

According to AP News, experts say the debt is affecting Americans' livelihoods, from raising borrowing costs for mortgages and cars to lowering wages for businesses with less available funds to invest.

Good and services are also getting increasingly expensive for the average American.

"If we want to improve our living standards, today and for the next generation, now is the time for lawmakers to put our nation on a more affordable and sustainable path," a U.S. fiscal think tank said.