As debt climbs, the US government is spending over $1 billion daily on interest payments alone. This year, servicing the debt is expected to exceed $1 trillion—more than what is allocated for national defence. Rising interest rates compound the problem, increasing borrowing costs for both the government and ordinary citizens.Shai Akabas, from the Bipartisan Policy Center, explained: “The current level of debt is driving up interest rates, including mortgages, and raising living costs for households. This will dampen economic growth and reduce opportunities for future generations.”