America has been spending beyond its means for decades. But things have reached a tipping point.
And now the US government is on the verge of bankruptcy according to a shocking new report.
U.S. NATIONAL DEBT SOARS PAST $37 TRILLION AMID CONTROVERSIAL SPENDING BILL
The U.S. national debt has officially exceeded $37 trillion, raising alarm among fiscal watchdogs and lawmakers who warn the country’s unchecked borrowing is jeopardizing future economic stability.
The figure, reported this week by the Treasury Department, comes years ahead of previous projections and has sparked debate over whether recent legislation is easing or accelerating the fiscal crisis.
The Congressional Budget Office had projected in January 2020 that the gross debt would not surpass $37 trillion until after fiscal 2030. However, the COVID-19 pandemic triggered massive government stimulus spending under both the Trump and Biden administrations, and this year, President Trump and congressional Republicans passed the “One Big Beautiful Bill Act,” expected to add more than $4 trillion to the national debt over the next decade.
“Thanks to the One Big Beautiful Bill Act, the debt just officially passed the $37 trillion mark,” Rep. Thomas Massie of Kentucky wrote on X. Massie was one of only two House Republicans to oppose the bill in July.
LAWMAKERS AND WATCHDOGS WARN OF UNSUSTAINABLE SPENDING
Trump and his allies argue that the legislation will generate long-term economic growth, citing tax cuts, increased military and border spending, and Medicaid eligibility changes. The administration also points to aggressive tariff policies as a source of revenue, which have raised nearly $130 billion this year—more than double last year’s total at this point.
Critics counter that tariffs act as hidden taxes on U.S. consumers and could slow economic growth. “It has been proven, that even at this late stage, Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury’s coffers,” Trump wrote Monday on Truth Social.
Fiscal experts remain unconvinced. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said:
“Spending and revenue are woefully out of balance — to the tune of nearly $2 trillion annually and rising — and instead of addressing this imbalance, Congress keeps choosing to make things worse.”
MacGuineas warned that the U.S. is on track to spend $1 trillion this year on interest payments alone. “Interest is now the second-largest item in the budget, surpassing the entire defense budget as well as Medicare,” she said.
Michael A. Peterson, CEO of the Peter G. Peterson Foundation, noted that the U.S. debt now exceeds the combined economies of the 20-country Eurozone and China. Meanwhile, the Government Accountability Office has repeatedly flagged the long-term unsustainability of the debt, highlighting potential consequences such as higher borrowing costs, stagnant wages, and higher consumer prices.
“BREAKING: National debt just hit $37 TRILLION. Not just a number but a bill our kids can’t afford to pay,” Rep. Nancy Mace of South Carolina, a Republican running for governor, wrote on X. Social media users quickly responded with criticism, including “community notes” reminding her of her support for the Trump bill that is expected to worsen the debt.
ACCELERATING GROWTH OF DEBT
The U.S. debt has been climbing at unprecedented speed. According to one congressional monitor, the debt is growing by $59,361.77 per second, reaching $34 trillion in January 2024, $35 trillion in July 2024, and $36 trillion in November 2024. Experts warn the pace of borrowing and interest costs is unsustainable without immediate reform.
