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The US government is piling debt onto its balance sheet, adding more than half a trillion dollars in debt in just three weeks.<\/p>\n
New numbers from the government\u2019s FiscalData platform show<\/a> the country\u2019s debt surged from $32.9886 trillion on September 14th to $33.5133 trillion on October 5th \u2013 representing a $524.7 billion increase.<\/p>\n Amid the country\u2019s growing debt burden, Senator Cynthia Lummis warns<\/a> that if left unchecked, America\u2019s spending craze could hammer future generations.<\/p>\n \u201cThe deficit doubling to $2 trillion in the last year should be a flashing red warning sign to everyone who cares about America\u2019s future. <\/em><\/p>\n Our nation is quickly approaching a debt death spiral that will bury future generations. We need to end Washington\u2019s spending addiction.\u201d\u00a0<\/em><\/p>\n The Republican Senator is not the only one sounding the alarm about the nation\u2019s rising debt levels.<\/p>\n In a new CNBC interview, billionaire Ray Dalio says<\/a> the US is now heading toward a fiscal crisis.<\/p>\n \u201cWe\u2019re going to have a debt crisis in this country\u2026 How fast it transpires, I think, is going to be a function of that supply-demand issue, so I\u2019m watching that very closely.\u201d<\/em><\/p>\n According to the Federal Reserve Bank of St. Louis,\u00a0 the federal government is currently paying<\/a> $909.5 billion in interest on its outstanding public debt per quarter.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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