Why is the US in so much debt and does it matter?

The US is more than $34 trillion dollars in debt. That’s almost equal to its entire gross domestic product (GDP).

The figure is bigger than any other nation’s debt, but does that matter when Washington issues the world’s leading reserve currency?

A new report by an independent fiscal watchdog is now sounding the alarm among financial experts.

The Congressional Budget Office says by 2034 debt is expected to hit 122 percent of GDP, that would be the highest level ever recorded, barring changes in tax and spending policies.

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