The U.S. national debt has just topped USD$40 trillion, a record high as the president's approval rating sinks to a new low.
The mounting debt is having implications beyond American borders, potentially pushing up borrowing costs for Canadians.
Michael Peterson with the Peterson Foundation says it boils down to years of fiscal irresponsibility on the part of both Democrats and Republicans, adding one of the biggest factors is demographics — as some 80 million baby boomers leave the workforce and stop paying into social security.
"We paired that with a revenue policy or a tax policy that does not generate the level of revenues we need to honour the promises we've kept," Peterson said.
Global's Candice Cole has more on the economic pressures facing Americans.
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