The U.S. national debt passed $40 trillion on Wednesday.

This is a new record.

The debt hit $39 trillion in March.

It hit $38 trillion in October.

So it grew very fast.

The debt shows different priorities.

The government spends on defense.

It also wants lower costs for gas and groceries.

A White House spokesman said the administration wants to cut waste.

It also wants to boost growth.

Experts say the debt raises borrowing costs.

Mortgages and cars cost more.

It can also lower wages.

Goods can become more expensive.

The debt grew under many presidents.

The government borrowed a lot during the COVID-19 pandemic.

This happened under Donald Trump and Joe Biden.

Trump signed a tax cut law last year.

Then the government approved more spending.

One think tank leader said lawmakers should find a better path.

Budget advocates warn of hard choices ahead.

One official said the fiscal path is not sustainable.

It could become a crisis.

The U.S. has a debt limit of $41.1 trillion.

Analysts say it will reach that limit in 2027.

This will happen between late winter and mid-summer.

The U.S. fiscal position is the worst among rich countries.

The OECD says this.