The U.S. national debt is at unprecedented highs, exceeding $34.6 trillion, a 100% increase from a decade ago, with borrowing costs expected to surpass defense spending in 2024.
Interest payments on the debt are projected to reach $870 billion this year, rising to a massive total of $12.4 trillion over the next decade, highlighting the significant financial burden.
The national debt is driven by a revenue-spending mismatch, influenced by wars, stimulus payments, and rising healthcare costs, showcasing the challenge of balancing financial obligations.
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