Debt crisis escalates: $34 trillion U.S. federal debt raises alarms as interest expense soars to unprecedented levels.

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In a concerning financial development, the total federal debt in the United States has surpassed a staggering $34 trillion. This milestone is accompanied by a troubling surge in debt accumulation over recent periods, including $1 trillion in the past 3 months, $2 trillion in the past 6 months, $4 trillion in the past 2 years, and a staggering $11 trillion in the past 4 years.

The Congressional Budget Office (CBO) is raising the alarm, emphasizing the gravity of the situation. The interest expense alone has skyrocketed to approximately $1.1 trillion, surpassing key national budget allocations. To provide perspective, this amount exceeds the entire defense budget by $250 billion, surpasses Medicare spending, and even outpaces the health expenditure by $200 billion. Notably, the interest expense is on track to surpass the colossal $1.35 trillion spent on Social Security, making it the largest single expense in the budget.

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This dire scenario raises serious concerns about the fiscal health of the nation, with more than 40% of U.S. personal income taxes being consumed solely for interest payments on the federal debt, according to The Heritage Foundation.

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