00:00On Wednesday, the Treasury Department reported that the total United States debt exceeded $40 trillion for the first time,
00:09prompting fresh warnings of an impending fiscal crisis.
00:12The Treasury's report revealed that total outstanding public debt stood at $40 and $47 trillion on Tuesday,
00:22a figure that includes $32,266 trillion in Treasury securities held by the public and $7,782 trillion in intra
00:33-governmental debt.
00:35The federal government's debt has more than doubled in the standard decade from $19.95 trillion when President Donald Trump
00:43first took office in January 2017.
00:46In this regard, if the government pays more toward its debt, it will have fewer resources for social spending,
00:53which currently accounts for 60% of the annual budget allocated to mandatory programs,
00:59including Social Security, Medicaid and Veterans' Care.
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