Debt alarm: US national debt hits record $37 trillion, pace doubles with trillion added every five months

The US national debt has surpassed $37 trillion, exceeding pre-pandemic forecasts due to Covid-19 spending and recent tax cuts. Experts warn that this rapid debt accumulation will lead to higher interest rates, reduced private sector investment, and increased borrowing costs for Americans, urging policymakers to take swift action to address the growing financial strain.