An electronic display shows the national debt in Washington, DC on August 19, 2026. The US national debt exceeded a record 40 trillion USD. The US gross national debt has surged past $40 trillion for the first time, government data showed Wednesday, outstripping earlier forecasts at a pace fuelled in part by President Donald Trump's invalidated tariffs. The uptick in borrowing comes as longer term US obligations linked to social security and health care have been growing, while interest payments have climbed as well. (Photo by Mandel NGAN / AFP via Getty Images)

WASHINGTON, DC - AUGUST 19: (L-R) Managing Partner, Paradigm Alana Palmedo, A16z founder Chris Dixon, Coinbase CEO Brian Armstrong, Gemini co-founder Cameron Winklevoss, Kraken CEO Arjun Sethi, Chairman of the U.S. Securities and Exchange Commission (SEC) Paul Atkins, Gemini CEO Tyler Winklevoss and Commodity Futures Trading Commission (CFTC) Chairman Michael Selig during a summit of crypto and technology leaders in the Roosevelt Room of the White House on August 19, 2026 in Washington, DC. President Trump held the meeting with cryptocurrency business leaders to discuss regulatory frameworks for digital assets and artificial intelligence. Currently, the CLARITY Act, the landmark bill that would define SEC and CFTC jurisdiction over digital assets, remains stalled in the Senate. (Photo by Alex Wong/Getty Images)

WASHINGTON, DC - AUGUST 19: Co-founder of Chainlink Sergey Nazarov (R) speaks as U.S. President Donald Trump listens during a summit of crypto and technology leaders in the Roosevelt Room of the White House on August 19, 2026 in Washington, DC. President Trump held the meeting with cryptocurrency business leaders to discuss regulatory frameworks for digital assets and artificial intelligence. Currently, the CLARITY Act, the landmark bill that would define SEC and CFTC jurisdiction over digital assets, remains stalled in the Senate. (Photo by Alex Wong/Getty Images)

WASHINGTON, DC - AUGUST 19: U.S. President Donald Trump shakes hands with Commodity Futures Trading Commission (CFTC) Chairman Michael Selig during a summit of crypto and technology leaders in the Roosevelt Room of the White House on August 19, 2026 in Washington, DC. President Trump held the meeting with cryptocurrency business leaders to discuss regulatory frameworks for digital assets and artificial intelligence. Currently, the CLARITY Act, the landmark bill that would define SEC and CFTC jurisdiction over digital assets, remains stalled in the Senate. (Photo by Alex Wong/Getty Images)

WASHINGTON, DC - AUGUST 19: (L-R) Chairman of the NYSE and CEO of Intercontinental Exchange Jeffrey Sprecher, Nasdaq CEO Adena Friedman, and Robinhood Markets CEO Vladimir Tenev speak during a summit of crypto and technology leaders in the Roosevelt Room of the White House on August 19, 2026 in Washington, DC. President Trump held the meeting with cryptocurrency business leaders to discuss regulatory frameworks for digital assets and artificial intelligence. Currently, the CLARITY Act, the landmark bill that would define SEC and CFTC jurisdiction over digital assets, remains stalled in the Senate. (Photo by Alex Wong/Getty Images)

WASHINGTON, DC - AUGUST 19: U.S. President Donald Trump (C) delivers remarks as he is joined by (L-R, front) Kraken CEO Arjun Sethi, Chairman of the U.S. Securities and Exchange Commission (SEC) Paul Atkins, Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, Chairman of the NYSE and CEO of Intercontinental Exchange Jeffrey Sprecher, and Nasdaq CEO Adena Friedman during a summit of crypto and technology leaders in the Roosevelt Room of the White House on August 19, 2026 in Washington, DC. President Trump held the meeting with cryptocurrency business leaders to discuss regulatory frameworks for digital assets and artificial intelligence. Currently, the CLARITY Act, the landmark bill that would define SEC and CFTC jurisdiction over digital assets, remains stalled in the Senate. (Photo by Alex Wong/Getty Images)

WASHINGTON, DC - AUGUST 19: U.S. President Donald Trump looks on as Commodity Futures Trading Commission (CFTC) Chairman Michael Selig speaks during a summit of crypto and technology leaders in the Roosevelt Room of the White House on August 19, 2026 in Washington, DC. President Trump held the meeting with cryptocurrency business leaders to discuss regulatory frameworks for digital assets and artificial intelligence. Currently, the CLARITY Act, the landmark bill that would define SEC and CFTC jurisdiction over digital assets, remains stalled in the Senate. (Photo by Alex Wong/Getty Images)

WASHINGTON, DC - AUGUST 19: (L-R) Chairman of the U.S. Securities and Exchange Commission (SEC) Paul Atkins, U.S. President Donald Trump and Commodity Futures Trading Commission (CFTC) Chairman Michael Selig during a summit of crypto and technology leaders in the Roosevelt Room of the White House on August 19, 2026 in Washington, DC. President Trump held the meeting with cryptocurrency business leaders to discuss regulatory frameworks for digital assets and artificial intelligence. Currently, the CLARITY Act, the landmark bill that would define SEC and CFTC jurisdiction over digital assets, remains stalled in the Senate. (Photo by Alex Wong/Getty Images)