The Globe and Mail reports in its Thursday, Aug. 20, edition that United States debt has exceeded $40-trillion for the first time, according to the Treasury Department, prompting warnings of a potential fiscal crisis due to rising costs of social programs and interest payments outpacing tax revenues (all figures U.S.). A Reuters dispatch to The Globe reports that te Treasury's latest daily cash and debt balances statement showed total public debt outstanding at $40.047-trillion on Tuesday. This total includes $32.266-trillion in Treasury securities held by the public and $7.782-trillion in intragovernmental debt holdings. The federal government's IOU has now more than doubled in less than a decade, from $19.95-trillion for the first time in January, 2017. About one-third of the increase came from two years of aggressive government borrowing to support COVID-19 responses by Mr. Trump and former president Joe Biden, with the rest attributed to their fiscal policies and ongoing tax-and-spending imbalances. Budget watchdog groups have warned that a debt crisis may occur unless lawmakers address the unsustainable fiscal outlook by raising taxes, cutting spending, or both.