The U.S. has an annual gross domestic product of about $30 trillion and holds about $36 trillion in debt. Having zero interest rates for over a decade lulled some into thinking our debt was irrelevant as it grew. Rather than using that “free” money to invest in infrastructure and foundations for future economic growth, both political parties created gridlock over who would get credit for mitigating the nation’s profound problems. Secretary of Treasury Scott Bessent now must find buyers for $10 trillion of debt this year, at 3.9% if he uses 2-year notes and at 4.3% if he uses 10-year notes. Debt payments are already the second largest government expenditure behind only Social Security. They exceed the defense budget.

The “Big Beautiful Bill” passed by the House is estimated to add $2.3 tri

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