According to figures published by the department and analyzed by TASS, US sovereign debt stood at $40.52 trillion as of October 26, an all-time high. The debt exceeded $38 trillion in October last year and crossed the $40 trillion mark in August this year, having increased by $20 trillion in less than a decade.

According to estimates by the Peterson Institute for International Economics, the country’s debt could reach $50 trillion in six years unless government spending or taxation is reformed.