The scale of the US federal debt has risen to approximately 37 trillion dollars, showing significant growth compared to last year, with the debt-to-GDP ratio exceeding 122%, setting a record since World War II. The Treasury is facing enormous refinancing pressure, needing to repay and borrow about 11 trillion dollars in debt over the next year, while interest expenses are expected to exceed 1 trillion dollars next year, surpassing defense spending and becoming the second largest item in the federal budget, raising high concerns in the market about fiscal sustainability.

Additionally, if the Federal Reserve continues to delay interest rate cuts due to inflation, it will further increase borrowing costs, exacerbating the debt problem. Moreover, the tax reform proposal put forward by Trump may add an additional 3 trillion dollars to the debt burden, and although the Senate version has made adjustments, it is difficult to change the overall trend of debt deterioration. Internationally, the turmoil in the Middle East has led to rising oil prices, further increasing price pressures and making the US debt repayment burden even heavier. Analysts point out that if the current trend continues to deteriorate, the total debt could reach 250% of GDP by 2055, which may trigger larger-scale economic risks and market turmoil.