The U.S. government is on a trajectory to a fiscal apocalypse in this century. Since fiscal 2001, the federal government’s annual planned expenditures have consistently exceeded expected revenues, with the shortfall covered by borrowing. 

As of fiscal 2025, total U.S. government debt amounted to $37.6 trillion, representing 124% of the GDP of $30.4 trillion. The annual interest paid on this debt in fiscal 2025 was $970 billion, or about 3.2% of GDP.