The United States has officially crossed a new milestone: its national debt now stands at $37 trillion. For many Americans, this number feels abstract, just a string of zeros. But economists and policymakers are divided on one key question: Should we be worried? Others worry that high debt leaves little room to respond to future crises, like wars or recessions. If the government is already heavily indebted, borrowing more in emergencies could be harder or more expensive.

The national debt is the total amount of money the U.S. government owes to its creditors. It grows when the government spends more than it earns in taxes and other revenues. To bridge that gap, the government borrows money by issuing Treasury bonds. These are bought by individuals, companies, and foreign governments. The debt has ballooned in recent years due to pandemic relief programs, rising healthcare and defense costs, and interest payments. In just a few years, it has jumped from $23 trillion (in 2019) to $37 trillion in 2025.

Critics warn that rising debt could lead to a number of problems. First, the government is spending more and more just to pay interest, over $1 trillion annually. That’s money not being spent on infrastructure, education, or healthcare. Second, as debt grows, the government may have to raise taxes or cut spending in the future, which could slow economic growth. Some also fear that too much debt could shake investor confidence in the U.S. economy, pushing up interest rates.

On the other hand, many economists say that not all debt is bad. The U.S. is still able to borrow money at low interest rates, and investors continue to view Treasury bonds as one of the safest assets in the world. Also, the U.S. economy is huge, worth over $27 trillion a year, and still growing. Some experts argue that as long as the economy grows faster than the debt, it’s manageable. Finally, much of the U.S. debt is held domestically, including by the Federal Reserve, so the government in a sense "owes itself" a portion of the debt.

The $37 trillion debt is certainly worth paying attention to. It’s a sign of long-term imbalances in spending and revenue. But whether it’s a looming crisis or a manageable issue depends on future policy choices—and how the economy performs in the years to come.