US national debt hits a new record: $36 trillion

Published On Nov 22, 2024, 4:18 PM

The U.S. national debt has surpassed $36 trillion for the first time, following the $35 trillion mark reached just a few months prior. This rapid increase raises concerns about fiscal responsibility, with experts warning that the debt is projected to reach over 100% of GDP soon. Established lending costs are also affecting federal budgets, with net interest payments on the debt exceeding expenditures on key programs like defense and Medicare. Concerns about fiscal sustainability are growing as the government faces significant budget deficits and upcoming fiscal decisions in 2025.

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As government debt rises, it is likely to impact investor confidence and could lead to higher interest rates due to increased borrowing costs. The current trajectory might also prompt revisions in economic forecasts, potentially impacting sectors sensitive to interest rates, such as real estate and utilities.

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