00:00America's national debt has surpassed $40 trillion for the first time,
00:05more than double what it was just 10 years ago,
00:08according to data released by the U.S. Treasury on Wednesday.
00:12The milestone comes months earlier than expected
00:15and reflects the fact that Washington is spending more than it collects in revenues.
00:21Analysts say the 2008 recession and the COVID-19 pandemic
00:25are largely responsible for the huge hole in America's budget.
00:29On both occasions, the government spent billions on bailouts to rescue the economy,
00:34adding to the deficit and to its massive interest payments.
00:38But following the pandemic, Washington pursued tax cuts and increased military spending.
00:44According to the IMF, the U.S. deficit is now 125 percent of the country's GDP.
