The United States has the largest debt in the world at $35.8 trillion, increasing by nearly $100,000 every second, a situation driven by overspending and interest.
In 2023, the federal government collected $4.4 trillion in taxes but spent $6.1 trillion, creating a substantial gap fueled by costly benefits and loopholes.
Congress controls the federal budget, while the president proposes it. This separation of powers complicates accountability for burgeoning national debt levels.
Notably, Social Security, discretionary spending, and healthcare are the largest contributors to the national debt, consuming trillions in annual expenditures.
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