President Trump’s promises to restore fiscal order and reduce the amount of America’s debt burden have been undercut by spending on the Iran war, tax cuts and tariff refunds.
U.S. Debt Hits $40 Trillion as America’s Borrowing Binge Continues
President Trump’s promises to restore fiscal order and reduce the amount of America’s debt burden have been undercut by spending on the Iran war, tax cuts and tariff refunds.
By Alan Rappeport
Wednesday, August 19, 2026·1 min read
Last updated Aug 24, 2026 · 01:09 PM UTC
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