The U.S. national debt has reached unprecedented levels, with the debt-to-GDP ratio indicating an unsustainable situation as borrowing costs are projected to exceed defense spending in 2024.
As the national debt grows, essential services like Social Security and Medicare face pressures, while discretionary spending relies heavily on presidents’ relationships with Congress for budget approval.
Interest payments on the national debt are projected to hit $870 billion, surpassing the planned $822 billion defense budget for 2024, highlighting a critical fiscal challenge.
The mismatch between revenue and spending, exacerbated by costly wars, stimulus measures, and tax cuts, drives the growing national debt, affecting future economic stability.
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