The United States is experiencing a worsening debt crisis, with the national debt surpassing $37 trillion, an all-time high reached five years earlier than pre-pandemic forecasts. Since 2020, the debt has increased by $14 trillion, including a $780 billion surge following the enactment of the "One Big Beautiful Bill Act" on July 4, 2025. The federal government’s interest expense on public debt has reached approximately $1.2 trillion over the past 12 months, or about $3.3 billion daily, marking the highest level ever recorded. Interest payments now constitute the second-largest government expenditure after Social Security. The US budget deficit hit $291 billion in July 2025, the second-largest July deficit on record, contributing to a fiscal year 2025 deficit of $1.63 trillion, the third-largest in history. Household debt also reached a record $18.4 trillion in Q2 2025, rising by $185 billion in that quarter and by $7 trillion over the past decade. This includes $12.9 trillion in mortgage debt, $1.2 trillion in credit card debt, $1.7 trillion in auto loans, and $1.6 trillion in student loans. Serious delinquencies on credit card debt have climbed to 12.3%, the highest in 14 years, while student and auto loan delinquencies are at their highest levels in 15 and 5 years, respectively. Small businesses are facing increasing challenges, with 11% citing poor sales as their primary problem in July 2025, the highest since the 2020 pandemic crisis. This trend is a leading indicator for rising unemployment, which is expected to surpass 5% in the coming months. Youth underemployment stands at approximately 17%, levels comparable to those seen during the Great Financial Crisis and the 2001 recession. Large bankruptcies have reached recession-era levels, with 446 filings year-to-date in 2025, the highest since 2010. Despite some signs of economic resilience, consumer sentiment remains pessimistic, with 62% of Americans expecting unemployment to worsen over the next year. Policymakers face mounting pressure to address the unsustainable fiscal trajectory and escalating costs imposed on taxpayers.