The U.S. government plans to crack down on its $40 trillion debt — but brace for a ‘wrenching time’ ahead

The U.S. federal government debt has reached approximately $40 trillion, according to Treasury Department figures. Policymakers have identified options to address the debt level, though implementation of any approach would require difficult choices about spending, taxation, or both. No specific legislation or plan has been announced as of the publication date.

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