BlockBeats News, July 5th, the scale of the U.S. national debt has risen to about $39 trillion, with the public debt size equivalent to the total U.S. GDP. The annual interest payment has reached about $1 trillion, exceeding the defense budget. The U.S. national debt system can be traced back to the debt consolidation reform advocated by Alexander Hamilton in 1790, when the federal government unified and assumed all wartime debts of the states, pledging full repayment, thus establishing the U.S. credit system and cementing the global status of the U.S. dollar and U.S. Treasury bonds.

Today, U.S. Treasuries are considered one of the core assets of the global financial system, underpinning the reserve currency status of the United States dollar and widely held among global central banks and financial institutions. However, as the debt size continues to expand, concerns about long-term sustainability in the market have intensified.

According to the Penn Wharton Budget Model (PWBM), the fiscal system may face unsustainable risks when the debt-to-GDP ratio exceeds about 210%. Currently, this ratio in the U.S. is around 100%, with the Congressional Budget Office projecting it to rise to 175% by 2056.

Analysts believe that in a scenario where medical spending grows and fiscal deficits continue to widen, this risk threshold may be reached sooner, imposing a stricter market and policy test on the long-term stability of the debt structure.