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The issue with U.S. national debt primarily stems from the federal government's long-term fiscal deficits, 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 expenses expected to be nearly $1 trillion in fiscal year 2024, crowding out other public expenditures. The Federal Reserve's interest rate hikes raise borrowing costs, further exacerbating the pressure. The cyclical disputes over the national debt ceiling create market uncertainty and increase default risks. In the long term, an aging population and rising social security expenditures pose challenges to fiscal sustainability. Without reforms such as tax increases or spending cuts, high debt could threaten economic stability and even trigger turmoil in global financial markets.