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Story summary
- The U.S. national debt stands at $38.647 trillion, with more than $1 trillion added this fiscal year.
- The Joint Economic Committee warns that current spending threatens future economic stability.
- Interest payments on the debt could become a major budget item, potentially exceeding 25% of tax revenues.
- The Congressional Budget Office projects debt could reach $56 trillion by 2036, prompting urgent fiscal reforms to avoid consequences.
