The Chairman of the "Committee for a Responsible Federal Budget", Maya MacGuineas, also pointed out that this new milestone of U.S. debt should serve as a warning to lawmakers and voters. She stated that this level of debt is dangerous for the U.S. economy and national security, but the U.S. "cannot stop borrowing."
The Senior Policy Director of the "Committee for a Responsible Federal Budget," Mark Goldwein, concurred, stating that reaching $34 trillion in U.S. debt once again reminds us how unsustainable our fiscal situation is.
Michael Peterson also expressed a similar viewpoint, believing that the new year will see the U.S. national debt continue on a destructive and unsustainable path.
The "Council on Foreign Relations" views the current U.S. national debt as nearly the same size as the entire U.S. economy, with the debt expected to double in the next thirty years.
The "Bipartisan Policy Center" states that if the debt continues to rise, the U.S. may face serious economic consequences, such as rising interest rates, economic recession, or escalating inflation. The Economic Policy Director of this center, Shai Akabas, pointed out, "Investors and rating agencies are increasingly concerned that our current trajectory is unsustainable – no one knows when this situation will become even more dire."
Some economists also suggest that this could expose the U.S. to many dangers, including budget crises, rising interest rates, economic instability, and diminished global standing. Reducing the debt will require "difficult" political decisions by the U.S. Congress, either restraining spending, raising taxes, or a combination of both.