The growing federal debt poses significant risks to the US economy and its citizens. Higher debt levels have contributed to rising long-term interest rates, which in turn have made housing less affordable for many Americans. Additionally, the increasing debt burden could lead to higher annual interest payments, potentially exceeding $2 trillion by the mid-2030s. This would strain federal resources, limiting funding for critical areas such as healthcare, education, and infrastructure. The debt also raises concerns about the US's fiscal stability and its ability to maintain global economic leadership.