The U.S. national debt has reached $39 trillion, sparking long-term concerns, with analysts saying the risk of an unsustainable fiscal path is rising.

BlockBeats News, July 5 – The size of U.S. national debt has risen to approximately $39 trillion, with public debt equivalent to the total U.S. GDP. Annual interest payments have reached about $1 trillion, exceeding the defense budget. The U.S. national debt system can be traced back to the debt consolidation reform promoted by Alexander Hamilton in 1790, when the federal government assumed the wartime debts of the states and committed to full repayment, thereby establishing the U.S. credit system and laying the foundation for the global status of the U.S. dollar and U.S. Treasuries.

Today, U.S. Treasuries are regarded as one of the core assets of the global financial system, supporting the reserve currency status of the United States dollar and widely held by central banks and financial institutions worldwide. However, as the debt scale continues to expand, market concerns about long-term sustainability have intensified.

According to estimates from the Penn Wharton Budget Model (PWBM), when the debt-to-GDP ratio exceeds approximately 210%, the fiscal system may face unsustainable risks. Currently, that ratio in the U.S. stands at about 100%, and the Congressional Budget Office projects it could rise to 175% by 2056.

Analysts believe that under scenarios of rising healthcare spending and persistently widening fiscal deficits, that risk threshold could arrive early, subjecting the long-term stability of the debt structure to stricter market and policy scrutiny.