Core Viewpoint - The total outstanding public sector debt in the United States has surpassed $37 trillion, indicating a growing reliance on borrowing for government spending and increasing interest burdens [1] Debt Statistics - As of August 11, the total outstanding public sector debt reached $37 trillion, while the statutory debt ceiling is set at $41.1 trillion, with constrained public debt totaling $36.89 trillion [1] - The U.S. public sector debt is projected to reach $34 trillion by January 2024, and subsequently increase to $35 trillion and $36 trillion by July and November of the same year, respectively [1] Legislative Impact - The "Inflation Reduction Act," which became law in July, is expected to increase U.S. debt by $4.1 trillion over the next decade, according to the Congressional Budget Office [1] - The previous forecast from the Congressional Budget Office in January 2020 anticipated that federal debt would exceed $37 trillion after the fiscal year 2030 [1] Economic Context - The U.S. GDP for 2024 is projected at $29.18 trillion, with a growth rate of 2.8%, leading to a public sector debt-to-GDP ratio of 126.8% [1]