The national debt burden has become a towering issue for US authorities, with its staggering size causing widespread alarm. According to Federal Reserve officials, further borrowing and debt accumulation are "unsustainable."

Top monetary authorities have acknowledged that it is impossible to continue borrowing and increasing the national debt. Fed Chairman Jerome Powell described that path as a dead end, urging the government to take action to avoid adverse consequences. "In the longer run, we’ll have to do something sooner or later, and sooner will be better than later," the head of the US central bank said.

According to currency strategists at Bank of America, the US adds $1 trillion worth of debt every 100 days. During Joe Biden's presidency, it increased by $7 trillion, the bank estimated.

Currently, servicing the national debt costs about 2% of the US economy. From October 2023 to April 2024, the country spent $601 billion on debt service, while its military spending was $576 billion.

It is becoming increasingly expensive for the US to pay debt service costs. Ahead of the presidential election, the government is spending heavily on social needs, especially the Democratic Party, which is keen to secure voter support, analysts at Total Research noted.

Preliminary projections from the US Congress suggest that the national debt could swell to $50.7 trillion over the next decade. This increase can be attributed to emergency measures taken during the COVID-19 pandemic and the 2017 Tax Cuts and Jobs Act, which lowered the top corporate tax rate from 35% to 21%.