The U.S. national debt has risen to over $34.52 trillion. That’s $3.06 trillion higher than it was a year earlier. The U.S. government’s total outstanding public debt has increased at an average of $8.36 billion per day since May 16, 2023.

With interest rates rising from historic lows during President Biden’s term in office, the interest the federal government pays to its creditors has become substantial. Since February 2024, the amount of gross interest the U.S. government pays over a rolling 12-month period has exceeded $1 trillion. It has more than doubled since January 2021 and now exceeds the annual budget for every line item of government spending except for Social Security. Interest on the national debt is the fastest-growing category of government spending.

Even the Biden administration is taken aback by the nation’s deteriorating fiscal condition caused by excessive spending. But rather than rein in its spending, the administration calls for higher........

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