America’s ‘Debt Spiral’ Is Nearing a Critical Threshold

When the US borrows money, just like any borrower, it needs to pay its loans back with interest.The national debt right now is $34 trillion and rising. Soon, America will need to spend more each year paying interest on the debt than it spends on national defense.Today on Bloomberg’s Big Take DC, host Saleha Mosin talks to Bloomberg reporter Liz McCormick and Phillip Swagel, director of the Congressional Budget Office, on what it would take to rein in the US's government's debt spiral.Get this episode and Big Take DC episodes a day earlier by subscribing to Big Take DC.See omnystudio.com/listener for privacy information.