The United States' national debt has exceeded $40 trillion for the first time, nearly doubling from about $20 trillion in 2017, according to data released by the U.S. Treasury Department.

The sharp increase reflects years of government spending outpacing revenue, forcing Washington to borrow more to finance persistent budget deficits.

Debt burden continues to grow

Economists say the growing debt has been driven by structural budget imbalances, with annual deficits recorded for more than two decades.

In an interview with CBS News, Michael Peterson, chairman and CEO of the Peter G. Peterson Foundation, said the United States has ignored long-standing fiscal problems for years.

"We've been running budget deficits for 26 years and have essentially ignored many of the structural problems in our budget. Like any debt problem, the longer you ignore it, the worse it gets. It is clear that the situation is accelerating," Peterson said.

As federal borrowing continues, interest payments on the debt are consuming an increasing share of government spending. Analysts note that the U.S. government is now spending more on servicing its debt than on national defense or the Medicare health insurance program.

Experts warn debt could reach $50 trillion

Economists say there is little indication that the pace of debt growth will slow in the near future.

Dean Baker, co-founder of the Center for Economic and Policy Research, said the country is moving in the wrong direction, pointing to rising military expenditures as an additional factor increasing fiscal pressure.

The Peterson Foundation estimates that, without significant spending cuts or tax reforms, the U.S. national debt could climb to $50 trillion within the next six years.(ILKHA)