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The U.S. national debt has surpassed $37 trillion, exceeding pre-pandemic projections. This record high is attributed to increased government spending during the COVID-19 pandemic and recent Republican tax cuts. Experts warn this accelerating debt will lead to higher interest rates, reduced private investment, and increased costs for consumers through higher borrowing costs, lower wages, and more expensive goods and services. The debt is growing at an alarming rate, adding a trillion dollars roughly every five months, prompting calls for immediate action from policymakers.

Prepared by Christopher Adams and reviewed by editorial team.