According to the US Treasury, the US national debt has surpassed $35 trillion for the first time ever. The federal debt is clearly growing faster than the lines for the latest iPhone models.
Just a year ago, the debt was $32.65 trillion. This represents a significant increase over the past 12 months. Moreover, Congress believes that this figure will balloon further.
House Budget Committee Chairman and Republican Jody Arrington has expressed deep concern about the onset of another phase of financial disaster for the world's most influential and prosperous nation in history.
The International Monetary Fund is also sounding the alarm over the US government debt spiralling higher. If it continues to grow at a rapid pace, the American economy will suffer, dragging down the global economy.
Preliminary forecasts are grim, predicting that the US national debt could exceed 140% of GDP by 2032. If this trend persists, the US government may have to adopt a strategy popular among college students - hoping to forget troubles until better times come.
