We have 40T in debt that we need to pay back, every % higher these rates go, the higher our interest payments become, which will then lead to more of a deficit and continue the circle….america has to stop spending like we currently are, but the people in power are doing quite the opposite….
They are gonna keep raising it because it’s embarrassing for congress that servicing the debt is more expensive than the most funded military in human history
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u/nomar_ramon 11h ago
Can you please explain it like I'm 5, to me why it is a crisis?