America’s debt spiral has reached a historic danger zone. The national debt has already crossed $38 trillion and is on track to hit 143.4% of GDP by 2035. With deficits staying above 7% and interest costs exploding, the world’s largest economy is heading toward its most perilous fiscal era in modern times. America’s debt spiral has reached a historic danger zone. The national debt has already crossed $38 trillion and is on track to hit 143.4% of GDP by 2035. With deficits staying above 7% and interest costs exploding, the world’s largest economy is heading toward its most perilous fiscal era in modern times.