The national debt hits $40 trillion.

On Tuesday, August 18, the Treasury Department announced that the debt held by the U.S. government surpassed $40 trillion, a record high. The national debt has more than doubled since 2017, and it increased from $39 trillion to $40 trillion in roughly the past five months. In response to the latest milestone, lawmakers from both parties called for new initiatives to reduce the debt. 

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