The United States is facing a worsening debt crisis as the national debt has surged to unprecedented levels. Since the debt ceiling was lifted in July 2025, the national debt has increased by $519 billion and is projected to reach $37.8 trillion by the end of 2025, marking a $780 billion rise since the "One Big Beautiful Bill Act" was enacted on July 4. Public debt has soared by $14 trillion since 2020. Interest expenses on this debt have reached record highs, with $1 trillion paid in the first 10 months of fiscal year 2025 and an expected $1.2 trillion for the full year, making interest the second-largest government expenditure after Social Security. Foreign holdings of U.S. Treasuries hit a record $9.13 trillion in June 2025. The budget deficit remains elevated, with a $291 billion shortfall in July 2025 and a $1.63 trillion deficit after 10 months of fiscal year 2025, the third-largest in history. Household debt climbed $185 billion to a record $18.4 trillion in Q2 2025, with mortgage debt at $12.9 trillion, credit card debt at $1.21 trillion, auto loans at $1.7 trillion, and student loans at $1.6 trillion. Credit card debt has increased by 57% over the past 4.5 years. Delinquencies among high-income borrowers (earning $150,000 or more) in auto loans and credit cards have risen nearly 20% over two years, outpacing lower-income groups. Serious delinquencies (90+ days) across mortgages, auto, and student loans surged in Q2 2025 to crisis levels comparable to the Financial Crisis, with credit card delinquencies at 12.3%, student loans at 10.2%, and auto loans at 5.0%. Student loan delinquencies among Americans aged 50 and older reached a record 18%. Large bankruptcies in the U.S. have also increased, with 446 filings year-to-date in 2025, the highest since 2010, including 71 filings in July alone, the most since 2020.