#USNationalDebt U.S. national debt has surpassed $37 trillion for the first time in history. The debt has surged as policymakers increased government spending and implemented stimulus measures.

Head of U.S. rates strategy at TD Securities, Gennadiy Goldberg, said that the crux of the $37 trillion problem is that no one knows at what level the debt becomes unsustainable. Treasury Secretary Scott Bessent acknowledged that the U.S. government has a spending problem, not a revenue problem. 

U.S. spending bill threatens to increase national debt

The U.S. national debt just passed $37 trillion dollars.

This is unsustainable.

Tick, tock. pic.twitter.com/KYIwaZaQXJ

— Natalie F Danelishen (@Chesschick01) June 20, 2025

Goldberg agrees with Bessent’s argument but states that the U.S. also does not tax much compared to both the size of the country’s GDP and government outlays. He believes that either taxes have to go up, spending has to come down, or some combination of the two, but warned that it’s very complicated to figure out.