The United States has not seen a balanced budget in over two decades, resulting in a national debt that has reached unprecedented levels, totaling nearly $34.6 trillion.
Interest payments on national debt are projected to hit $870 billion in 2024, surpassing defense spending for the first time since at least 1940, indicating a severe budgetary imbalance.
The debt-to-GDP ratio reveals whether the U.S. can afford its loans, and currently, this ratio is extremely high, showcasing an alarming trend in government borrowing.
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