US national debt up by nearly 400 billion in 2 months

The U.S. national debt has grown by nearly $400 billion in the two months since it reached a record $40 trillion, according to U.S. Treasury Department data.

U.S. sovereign debt currently stands at nearly $40.4 trillion. This means that since reaching the record level of $40 trillion on August 19 this year, the volume of government borrowing has increased by 1%.

According to U.S. experts’ forecasts, the country’s national debt will grow to approximately 120% of gross domestic product over the next decade.

According to the Peterson Institute for International Economics, without reforms to government spending or taxation, the country’s debt could reach $50 trillion in six years.