The national debt of the United States has reached a record of 37.8 trillion dollars and continues to grow rapidly, writes The Economic Times.
It is said that the government borrows 25 billion dollars every day. Interest payments currently exceed $1.2 trillion annually, outstripping defense spending. The debt-to-GDP ratio has reached 124%, approaching an all-time high.
"The growing deficit and pressure on spending are pushing the economy to a tipping point. Americans may soon feel the consequences in the form of tax increases and cuts in social programs," the site writes.
