#fiscal-risk

#fiscal-risk

With U.S. national debt now topping $37.8 trillion and interest payments exceeding $1.2 trillion, Kelly said the debt-to-GDP ratio-already at 99.9%-will likely keep rising even under moderate growth. Despite tariff revenues and temporary deficit relief, he cautioned that political choices or a slowdown could quickly worsen the fiscal picture, urging investors to diversify away from U.S. assets before "going broke slowly" turns fast.