America’s debt ‘death spiral’ gives us $1 trillion reasons to act now

America’s debt crisis continues to move into dangerous territory. The Treasury is on track to pay $1 trillion in debt service as the federal budget approaches a debt ‘death spiral.’

E. J. Antoni is a research fellow for regional economics in The Heritage Foundation’s Center for Data Analysis and a senior fellow at Committee to Unleash Prosperity.

While the Biden administration had projected a $1.6 trillion deficit for the current fiscal year, the Treasury has been borrowing at a $3 trillion annualized rate — almost twice the projected amount.