#美国国债 minor issue, at least the problem is not too significant right now, still a quality asset. The issue with U.S. national debt mainly stems from the federal government's long-term fiscal deficit, leading to a continuous increase in the scale of national debt. As of 2025, the total national debt has exceeded $35 trillion, accounting for more than 120% of GDP. High levels of debt increase interest burdens, with interest expenditures in fiscal year 2024 expected to approach $1 trillion, crowding out other public spending. The Federal Reserve's interest rate hikes have raised borrowing costs, further exacerbating pressure. The cyclical disputes over the national debt ceiling have created market uncertainty, increasing default risks. In the long term, population aging and rising social security expenditures pose challenges to fiscal sustainability. If reforms such as tax increases or spending cuts are not implemented, high debt may threaten economic stability and even trigger turmoil in global financial markets.