U.S. national debt surpassed $40 trillion after a $3 trillion increase over the past year, with $9.7 trillion due for refinancing this fiscal year and interest payments exceeding military spending by $200 billion in the first 10 months. The Congressional Budget Office projects annual deficits averaging $2.4 trillion through 2036, pushing publicly held debt to 120 percent of GDP. Perspectives differ on causes, risks, and policy implications while sharing core data from Treasury and CBO figures.