If the debt continues to grow at an unsustainable level, it could expose the country to a number of dangers. In the extreme, the risk rises that Washington’s lenders, many of whom are foreign, could suddenly lose confidence, demand higher interest rates, and trigger a fiscal crisis. Short of that, rising debt could gradually squeeze discretionary spending and deny the country tools it needs for security and economic stability. Reducing the debt will require politically difficult decisions to either curb entitlement spending, raise taxes or both.

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