National debt tops $40 trillion as bipartisan concern fades
The U.S. debt surpassed $40 trillion, yet political leaders show little urgency, a stark contrast to the deficit-focused campaigns of the early 1990s.
Wednesday’s milestone of a $40 trillion national debt marks a point where political attention to fiscal balance has largely vanished. In the early 1990s, candidates such as Paul Tsongas, Warren Rudman, and Ross Perot made deficit reduction a central theme, and Bill Clinton positioned himself as a deficit-concerned Democrat. The federal budget was last balanced in 1998, and since then deficits have consistently topped $500 billion, only briefly dipping below $1 trillion in 2019.
Subsequent presidents—including George W. Bush, Barack Obama, Donald Trump, and Joe Biden—have overseen deficits that rarely fell below $1.3 trillion. The shift reflects a broader tolerance for borrowing, with former vice president Dick Cheney reportedly telling President George W. Bush that “deficits don’t matter.” Today, both centrist Democrats and Republican fiscal hawks are politically sidelined, and even looming Social Security shortfalls have not revived demand for stricter budgeting.
Why it matters
Rising debt without political pressure could limit future fiscal choices and burden taxpayers.
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