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National Debt

America Hits a New Debt Record at $40 Trillion and Counting

President Donald Trump has surpassed Barack Obama's record for most debt amassed by a president.

Mariana Trujillo and Jordan Campbell | Coming: From the November 2026 issue


An illustration of the U.S. Capitol surrounded by $100 bills | Alexkalina/Nikolai Sorokin/Dreamstime/Midjourney
(Alexkalina/Nikolai Sorokin/Dreamstime/Midjourney)

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Mariana Trujillo is a managing director of government finance at Reason Foundation.

Jordan Campbell
National DebtEconomicsDebtCBOTrump AdministrationGovernment SpendingGovernment Waste