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The U.S. national debt has reached a record level, currently around $36.2 trillion as of May 2025. This is the total amount the federal government has borrowed throughout history to cover spending that exceeds revenue. The main causes of the soaring debt include spending on social welfare programs (such as Social Security and Medicare), rising healthcare costs, military spending, and economic stimulus packages during recessions or crises like the COVID-19 pandemic.

The consequences of this massive debt are significant. The interest costs to maintain the debt are rising rapidly, accounting for a substantial portion of the federal budget and potentially reducing the ability to invest in crucial areas such as education, research, and infrastructure. High debt also poses the risk of increasing overall interest rates, reducing private investment, and may lead to a decline in confidence in the U.S. dollar. This is a major challenge that requires long-term policy solutions to ensure the fiscal stability of the United States.