U.S. DEBT IS OVER 39 TRILLION HEAD OF BROKEN GDP: IN 2026, EVERY INVESTOR HAD TO FACE A "GREY RHINOCEROS"

KEY DATA: TOTAL NATIONAL DEBT IS ABOUT $39 TRILLION – DEBT AS A PERCENTAGE OF GDP, 10.2 PER CENT, FOR THE FIRST TIME SINCE THE SECOND WORLD WAR – $1039 TRILLION IN INTEREST EXPENDITURE FOR THE 2026 FISCAL YEAR – AN ANNUAL DEFICIT OF ABOUT $2 TRILLION – THE CONGRESSIONAL BUDGET OFFICE PREDICTS THAT DEBT WILL REACH 175 PER CENT OF GDP BY 2056 – AN INCREASE OF $5 TO $8 BILLION PER DAY

Section I — Unaccompanied historic milestones

IN MARCH 2026, THE UNITED STATES CROSSED A THRESHOLD THAT HAD NEVER BEEN BREACHED IN PEACETIME SINCE THE END OF WORLD WAR II. GOVERNMENT ARREARS TO EXTERNAL CREDITORS — THAT IS, “PUBLICLY HELD DEBT”, EXCLUDING ARREARS TO INTERNAL GOVERNMENT TRUST FUNDS SUCH AS SOCIAL SECURITY — AMOUNTED TO $31.27 TRILLION. AT THE SAME TIME, THE NOMINAL GDP OF THE UNITED STATES OVER THE PAST 12 MONTHS HAS BEEN $31.22 TRILLION. THE DEBT-TO-GDP RATIO HAS OFFICIALLY EXCEEDED 100 PER CENT。

The Chairman of the Responsible Federal Budget Commission, Maya MacGuineas, put it bluntly: "It happened — the United States national debt is now more than the size of the United States economy, about twice the historical average."

According to the United States Department of the Treasury, as at 18 May 2026, total United States national debt had fallen accurately to US$ 39,008,999,901,378.68. This figure increases by about $5 billion to $8 billion per day, with an average daily rate of growth of about $7.5 billion over the past 12 months. Debt surpassed $1 trillion in 1981, $10 trillion in 2008 and $20 trillion in 2017, almost doubling over the past eight years。

Phillip Swagel, Director of the Congressional Budget Office, issued a critical warning in February 2026: "Our budget projections continue to show that the current fiscal trajectory is unsustainable. " Under the current legal framework, federal debt will exceed its historic peak — 106 per cent of GDP — at the end of World War II in 1946 by 2030. It will reach 120 per cent of GDP by 2036 and an impressive 175 per cent by 2056. Unlike the post-World War II history of debt being gradually reduced through strong growth and fiscal discipline, the current debt volume shows no signs of natural contraction。

State debt is usually discussed in two calibres. The "total government debt" covers all arrears owed by the Federal Government, including to internal government trust funds such as social security. "Public debt" is a debt owed by the Government to external creditors, i.e. investors, foreign governments and financial institutions that purchase United States Treasury bonds. The latter is more relevant at the economic level, as it represents real external borrowing. Both indicators are currently at their highest levels in peacetime history。

Section II - Why debt is so accumulated

The United States debt problem is not a sudden outbreak, but rather a result of decades of structural choices — a cycle of tax cuts without corresponding cuts in expenditures, rising expenditures without a corresponding source of revenue, and the compounding effect of rolling interest. Understanding this history helps to explain why it is so difficult to address this issue。

Structural gap between government expenditure and revenue. Since 1970, the United States federal Government had achieved a budget surplus in only four years, with the remaining years in deficit. Whenever government expenditures exceed tax revenues, the gap is covered by the issuance of State debt. These bonds accumulate debt, and the annual deficit is further exacerbated by interest expenditures. It's a compound spiral。

Three main categories that drive growth in expenditures. The federal budget has three main and growing expenditure centres. Social security payments amounted to $953 billion in the seven months before 2026; federal health insurance (Medicare) spent $588 billion in the same period; and net interest expenditure on public debt amounted to $628 billion in the seven-month period, exceeding the combined federal health insurance and federal medical benefits (Medicaid). These three categories of expenditure are structural and driven by trends in population ageing, medical costs and debt accumulation, not by annual political decisions. Any reduction would require painful choices at the political level, which successive Governments have long avoided。

Interest trap. This is the most worrying development of the overall debt dilemma. In 2015, the United States paid $223 billion in net interest on its debt; $345 billion in 2020; $881 billion in 2024; and $103.9 trillion in projected payments for the 2026 fiscal year — almost three times that in just six years. Interest expenditure has now become the third largest expenditure item in the federal budget, after social security and federal health insurance, exceeding defence expenditure. CBO predicts that interest expenditure will exceed Medicare expenditure by 2028 and will be the largest single federal government expenditure by 2048 - – At that time, the Government would spend more on servicing its historical debt than on investing in the future。

CBO PREDICTS THAT OVER THE NEXT 30 YEARS, THE UNITED STATES GOVERNMENT WILL SPEND NEARLY $1 TRILLION ON INTEREST ALONE. FOR EASE OF UNDERSTANDING, THIS FIGURE EXCEEDS THE SUM OF ALL MAJOR FEDERAL PROJECT EXPENDITURES。

A GREAT BEAUTY BILL — THE LATEST ACCELERATION ENGINE. THE GREAT BEAUTY ACT (OBBB), SIGNED INTO LAW IN 2025, PERPETUATED TAX CUTS IN THE TIME OF TRUMP 2017 AND INCREASED TAX EXEMPTIONS FOR TIPS AND OVERTIME. THE NATIONAL ASSEMBLY BUDGET OFFICE ESTIMATES THAT THE BILL WILL INCREASE THE FISCAL DEFICIT BY $2.8 TRILLION OVER THE NEXT 10 YEARS. IF ALL INTERIM PROVISIONS WERE TO BECOME PERMANENT, THE ESTIMATED COST OF THE RESPONSIBLE FEDERAL BUDGET COMMISSION WOULD RISE TO BETWEEN $4 TRILLION AND $5 TRILLION. THE CUMULATIVE PROJECTION OF THE DEFICIT FOR 2026 TO 2035 HAS NOW BEEN REVISED UPWARDS TO $23.1 TRILLION, WHICH IS $1.4 TRILLION HIGHER THAN THE CBO FORECAST A YEAR AGO。

The epidemic legacy. The two largest annual fiscal deficits in the history of the United States occurred during a new epidemic: $3.1 trillion in fiscal year 2020 and nearly $2.8 trillion in fiscal year 2021. These borrowings remain on the balance sheet today and generate a continuing burden of interest at rates well above the level at which they were raised at near zero interest rates。

The fiscal deficit is the annual difference between government expenditure and taxes. National debt is the cumulative accumulation of the previous year ' s deficit plus total interest. A simple example: if you spend $5,000 more per month than your income and pay off the difference with a credit card, your monthly deficit is $5,000. Your total debt is the credit card balance — the sum of the monthly overspending, plus the accumulated interest. The position of the United States Government is exactly the same, with many more zeros behind the figures。

Section III - Is America going to go bankrupt

This is a question that every retail investor will eventually ask, and it deserves a cautious and honest answer, not a simple one。

The brief answer is that the United States will not go bankrupt like a business or a family. The United States Government issues its own currency — the United States dollar — and theoretically can create more dollars to service the debt. Historically, no country that borrows in its own currency and controls its central bank has been subjected to forced non-voluntary defaults. The only breach in the history of the United States occurred in 1979 and was only a brief one due to technical operational errors。

But that does not mean that there are no consequences. The ability to print money carries another risk: inflation. If the U.S. government increases its debt in large amounts, then the real purchasing power of each dollar in circulation will decline - In essence, a hidden tax is imposed on all persons holding dollar-denominated and dollar-denominated assets. That is why the question of whether America will go bankrupt is far less worthy of in-depth discussion than the question of what the consequences of the current trajectory are。

Reinhardt and Rogoff. Carmen Reinhart and Kenneth Rogoff, in their landmark study of the more than 800-year financial crisis, “This difference: an eight-hundred-year financial ludicrous history”, found that debt crises often did not arrive in a gradual and predictable manner, but rather in a sudden collapse of confidence. Countries that appear to have managed their debts in an ad hoc manner may suddenly find that investors have stopped buying their national debt or have called for a substantial increase in the rate of return, thus preventing normal debt payments. A shift from sustainability to unsustainable may occur in months rather than years。

The framework of the Gatu Institute — gradual, then suddenly. The Gatu Institute describes the financial trajectory of the United States in the famous Hemingway metaphor of insolvency: gradual, then suddenly. Rational market players can see the unsustainability of America’s fiscal trajectory from far away, and they continue to buy US Treasury bonds — until one day they don’t. This mutation cannot be pre-empted with precision, but the bottom conditions that contributed to it are accumulating。

What a real financial crisis would be like. The fiscal crisis in the United States will not be the face of an enterprise applying for bankruptcy, but it will be more likely that the rate of return on long-term national debt will soar – investors will require higher compensation to continue lending. This will simultaneously push up the borrowing costs of the economy as a whole — mortgage loans, corporate bonds, consumer credit lines. Banks, pensions and insurance companies that hold large amounts of public debt will face significant losses that may jeopardize their own solvency. The Budget Committee of the United States House of Representatives has made it clear that such a crisis "almost necessarily entails an irreversible international chain reaction" given the position of the United States dollar as a global reserve currency。

the dollar reserve currency position is both a buffer and a risk. more than half of global foreign reserves are held in united states dollars, creating structural global demand for dollar-denominated and dollar-denominated assets, including united states treasury debt. this reserve currency position is central to the ability of the united states to sustain its fiscal deficit in the long term at interest rates lower than those of any other country — a privilege that economists call “exorbitant privilege”. but reserve currency positions are not permanent, and they depend on global confidence in the strength and soundness of the united states economy. if this sense of confidence erodes — as the international monetary fund has warned that the “security premium” on the national debt is disappearing — the buffer will narrow。

note on education: reserve currency is a currency widely held by central banks and international agencies as a means of storing value and as a medium of global trade settlement. the united states dollar accounts for approximately 58 per cent of global foreign exchange reserves. this means that trade between countries is often settled in united states dollars even if both parties are not americans. this has created a sustained global demand for the dollar, supporting the united states to finance at interest rates below normal market levels.  

Section IV -- What does this mean for investors

The United States debt problem was not a distant theoretical risk, and it was affecting the financial markets and investor portfolios in a tangible way, and more likely to deepen rather than diminish。

Directly associated with rising rates of return. In the second quarter of 2026 alone, the United States Department of the Treasury had to borrow $189 billion, over and above the $79 billion expected a few months ago. Actual borrowing in the first quarter of 2026 amounted to $577 billion, while projected borrowing in the third quarter was $671 billion. Such a large and growing supply of national debt flows to markets, relying only on higher rates of return to attract sufficient buyers. The 30-year rate of return on United States Treasury debt had risen to 5.2 per cent, the highest since 2007; the 10-year rate of return had reached 4.687 per cent on 19 May. These are not coincidences, but rather a direct reflection by bond markets of supply and demand imbalances driven by government borrowing demand。

The crowding out effect on private investment. When the Government raises debt on a large scale, it competes with businesses and households for available capital. The scale of government borrowing has increased, pushing up the borrowing costs of all — mortgage loans, corporate bonds, car loans, credit card interest rates — up the line. This has discouraged private investment, slowed economic growth and squeezed consumption spending. Funds that could otherwise be invested in roads, research, education and defence went to creditors in the form of repayment of historical debt。

Self-reinforcing compounding dynamics. The most dangerous feature of the current trajectory is its self-reinforcing: the larger the debt, the higher the interest expenditure; the higher the interest rate, the larger the deficit; the greater the deficit, the greater the need for borrowing; the higher the rate of return that drives the borrowing; and the higher the rate of return, the greater the interest burden on the new debt. This cycle can maintain surface stability for a considerable period of time — until a critical point。

Moody's downgraded and his signal meaning. In May 2025, Moody ' s downgraded the United States sovereign credit rating from Aaa to Aa1, the last of the three major rating agencies. The logo was downgraded in 2011 and Fitch downgraded in 2023. The three agencies have acted in 14 years, and the message is consistent: the current fiscal trajectory does not match the highest credit ratings and the gap between government commitments and revenues is structural rather than cyclical。

SOCIAL SECURITY SOLVENCY - DEADLINE 2032. CBO PREDICTS THAT THE SOCIAL SECURITY OLD AGE AND SURVIVORS INSURANCE TRUST WILL RUN OUT OF FUNDS IN 2032, ONE YEAR AHEAD OF PREVIOUS PROJECTIONS. IF CONGRESS DOES NOT ACT AT THAT TIME, THE BENEFITS FOR ALL BENEFICIARIES WILL BE AUTOMATICALLY REDUCED BY ABOUT 28 PER CENT, ACCORDING TO THE LATEST ESTIMATES OF THE RESPONSIBLE FEDERAL BUDGET COMMISSION BASED ON THE CBO PROJECTIONS. AT PRESENT, ONLY SEVEN MONTHS BEFORE 2026, SOCIAL SECURITY HAD COST $953 BILLION. ANY LEGISLATIVE REHABILITATION PROGRAMME WILL INVOLVE POLITICALLY PAINFUL CHOICES THAT HAVE BEEN REPEATEDLY POSTPONED FOR DECADES。

section v – now that the dollar's gonna blow up, why isn't anybody going to de-bomb?  

Solving the United States debt problem is not mathematically complex but almost politically impossible. Mathematical solutions are some combination of raising incomes and cutting spending; the political dilemma is that any one requires elected officials to demand higher taxes or lower benefits — neither of which will win votes。

Income side dilemma. The federal Government's revenue collection is long below the level of expenditure. If the deficit gap is to be bridged through tax increases, there is a need to raise income tax rates, expand tax coverage or create new tax sources. The direction of the Great Beauty Act is entirely the opposite: it cuts taxes and expands exemptions。

Expenditure side dilemma. Meaningful deficit reduction must address three main expenditure categories: social security, federal health insurance and interest on debt. Interest expenditure cannot be directly reduced, which is a legal obligation on the stock debt. The cuts in social security and Medicare are highly politically sensitive and directly affect the largest and most active voter population in the country — the retirement and near retirement population。

GROWTH THEORY. ACCORDING TO SOME ECONOMISTS, STRONG ECONOMIC GROWTH IS THE MOST REALISTIC PATH TO REDUCING THE DEBT-TO-GDP RATIO WITHOUT CLEAR FISCAL CONSOLIDATION. IF ECONOMIC GROWTH CONTINUES TO OUTPACE DEBT GROWTH, THE RATIO WILL EVENTUALLY STABILIZE. THIS IS WHAT HAPPENED IN THE DECADES SINCE THE SECOND WORLD WAR. THE COUNTERVAILING VIEW WAS THAT CURRENT DEBT TRAJECTORIES WERE TOO STEEP AND THAT INTEREST COSTS WERE GROWING TOO FAST AND GROWTH ALONE WAS NOT ENOUGH TO SOLVE THE PROBLEM。

CONSENSUS OF FINANCIAL OVERSIGHT BODIES. THE RESPONSIBLE FEDERAL BUDGET COMMISSION ESTIMATED THAT DEBT STABILIZATION WOULD REQUIRE A REDUCTION IN THE DEFICIT OF ABOUT $10 TRILLION. THERE IS CURRENTLY NO PROSPECT OF EVEN CLOSE BIPARTISAN COOPERATION. CBO DIRECTOR SVALGAR'S GENERAL JUDGMENT THAT "FISCAL TRAJECTORY IS UNSUSTAINABLE" IT REPRESENTS THE CONSENSUS OF ALMOST EVERY NON-PARTISAN FINANCIAL INSTITUTION IN THE COUNTRY。

EDUCATION NOTE: "DEBT TO GDP RATIO" IS A STANDARD MEASUREMENT TOOL FOR ECONOMISTS TO ASSESS A COUNTRY'S DEBT BURDEN. IT COMPARES TOTAL DEBT WITH THE SIZE OF THE ECONOMY, RATHER THAN LOOKING AT ABSOLUTE FIGURES ALONE, BECAUSE THE KEY TO SUSTAINABILITY IS WHETHER THE ECONOMY HAS SUFFICIENT CAPACITY TO SERVICE ITS DEBT. THE UNITED STATES DEBT TO GDP RATIO EXCEEDED 100 PER CENT, MEANING THAT THE SIZE OF THE DEBT EXCEEDED THE TOTAL ANNUAL OUTPUT OF THE ECONOMY AS A WHOLE — A LEVEL THAT HAD OCCURRED ONLY DURING WORLD WAR II。

Section VI - Impact on different types of investors

Equity investors: The debt crisis triggered an interest rate environment that was long above the near zero interest rate era of 2009-2022. This suppresses high valuation growth units that rely on low discount rates at the structural level. The benefits include the financial sector — larger spreads that boost interest asset earnings for banks and insurance companies; and enterprises with robust current profits and low debt ratios。

Bond investors: The United States debt track is a medium-term reversal of long-term national debt. More bond supply means price pressure and yield over time. The current rate-of-return environment has been the most attractive for investors seeking stable returns in nearly 15 years — but the risk is that rates of return may continue to rise. Investment-level corporate debt and medium-term national debt provide a better balance of risk returns than long-term national debt in the current environment。

Investors in gold and physical assets: Historically, persistent fiscal deficits and concerns about currency devaluation have been one of the main drivers of demand for gold. The significant appreciation of gold over the past two years partly reflects the market's appreciation of the fiscal trajectory of the United States. Physical assets — real estate, commodities, inflation-protected bonds — can historically provide a partial hedge against the erosion of purchasing power caused by fiscal overhang。

Singapore and Asian Investors: The United States debt crisis affects Asia through multiple channels. Rising rates of return in the United States attract capital outflows from emerging markets, putting pressure on Asian currencies and stock markets. The purchasing power of dollar-denominated assets held by Asian investors will be undermined if investors lose confidence in the financial management of the United States resulting in a weakening of the dollar. As an international financial centre, Singapore was particularly sensitive to any global capital market turbulence triggered by United States fiscal pressures。

all investors: the most important practical implication of the current debt situation is that the era of ultra-low interest rates that prevailed between 2009 and 2022 will no longer be repeated. the structural strength of maintaining a high interest rate environment — the need for large-scale public debt to cover the continuing deficit — is not temporary. a portfolio strategy based on the assumption of permanent low interest rates needs to be revisited and adjusted.  

& nbsp; section vii - an honest assessment: crisis, slow-burning, controllable recession

There may be three broad scenarios for the United States debt situation over the next decade。

SCENARIO 1: GRADUAL STABILIZATION. THE CONGRESS EVENTUALLY INTRODUCED MEANINGFUL FISCAL REFORMS — STABILIZATION OF THE DEBT-TO-GDP RATIO THROUGH A COMBINATION OF REVENUE GROWTH AND EXPENDITURE CONTROL. THIS IS A PRECEDENT FOR OTHER COUNTRIES: BOTH THE UNITED KINGDOM AND CANADA UNDERTOOK PAINFUL BUT SUCCESSFUL FISCAL CONSOLIDATION IN THE 1990S. IN THIS SCENARIO, LONG-TERM RATES OF RETURN WILL EVENTUALLY STABILIZE OR EVEN DECLINE AND FINANCIAL MARKETS WILL BE ABLE TO MAKE ADJUSTMENTS WITHOUT A CRISIS。

Scenario 2: Slow fire. Debt continued to grow, interest rates remained high, and the potential rate of economic growth continued to be constrained by the crowding out of private investment by government borrowing. Inflation hovered above the Fed's target. The improvement in living standards has slowed. The United States retains reserve currency status, but the premium is narrow. Most financial economists see this as the most likely baseline scenario — not a crisis, but a continuing drag on economic performance and asset returns. This scenario can be said to be in progress。

SCENARIO THREE: THE CONFIDENCE HAS COLLAPSED. AT SOME POINT IN TIME, A SUFFICIENT NUMBER OF BOND MARKET PARTICIPANTS AT THE SAME TIME REACHED THE CONCLUSION THAT THE TRAJECTORY WAS NOT SUSTAINABLE AND CALLED FOR A SUBSTANTIAL INCREASE IN THE RATE OF RETURN OR A OUTRIGHT HALT TO PURCHASES. THIS WOULD TRIGGER A SHARP RISE IN BORROWING COSTS, WHICH WOULD FURTHER WIDEN THE DEFICIT THROUGH HIGHER INTEREST EXPENDITURE AND FURTHER ERODE CONFIDENCE. THE REINHARDT AND ROGOFF STUDY DOCUMENTED THIS MODEL IN THE CASE OF THE 800-YEAR SOVEREIGN DEBT CRISIS. THE STRUCTURAL ADVANTAGES OF THE UNITED STATES — RESERVE CURRENCY POSITION, SIZE AND DIVERSITY OF ECONOMIES, DEEP CAPITAL MARKETS — MAKE THIS SCENARIO LESS LIKELY TO OCCUR THAN IN OTHER COUNTRIES. HOWEVER, THE RESPONSIBLE FEDERAL BUDGET COMMISSION, THE CBO, THE INTERNATIONAL MONETARY FUND AND MOODY ' S HAVE MADE IT CLEAR THAT, IF THE CURRENT TRAJECTORY CONTINUES, SOME FORM OF CRISIS WILL COME。

The honest conclusion of investors is that the probability of an acute crisis in the next one to two years is low but not negligible; the probability of a slow-fire scenario in the next five to ten years is considerably higher. Corresponding to the meaning of the portfolio — preference for current profits rather than forward growth, reduction of the long-term period of fixed returns, partial hedge of inflation risk with physical assets, promotion of geographical decentralization to reduce concentration on purely dollar assets — These adjustments are worth proceeding now without a clear judgement as to when the more serious scenarios will occur。

Section VIII — Key developments that warrant continued attention

UPDATE OF THE REPORT OF THE BUDGET OFFICE OF THE NATIONAL ASSEMBLY. CBO PUBLISHES ANNUAL BUDGET AND ECONOMIC OUTLOOK REPORTS, THE MOST RELIABLE SOURCE OF DATA ON THE NON-PARTISAN FINANCIAL TRAJECTORY. ANY SIGNIFICANT INCREASE IN DEFICITS OR DEBT PROJECTIONS IS A DATA SIGNAL THAT DESERVES HIGH PRIORITY。

Demand for auctions of Treasury bonds by the Ministry of Finance. The primary signal of whether the bond market is absorbing or under pressure the United States Treasury debt is the weak demand for auctions — measured by the number of bids. The low bid factor meant that the Government was having difficulty finding sufficient buyers at the current rate of return。

SOCIAL SECURITY TRUST FUND FORECAST. THE ANNUAL TRUST FUND TRUST FUND TRUSTEE REPORT, WHICH IS ISSUED ANNUALLY, PROVIDES UPDATED PROJECTIONS OF THE TIME SPENT ON FUNDS. THE CURRENT PROJECTION FOR THE OLD AGE AND SURVIVORS ' INSURANCE (OASI) FUND IS 2032. A FURTHER ADVANCE IN THIS TIMELINE WOULD BE A SIGNIFICANT NEGATIVE SIGNAL。

The rate of return on 30-year-old national debt has been moving. It now stands at 5.2 per cent, the highest since 2007. If sustained above 5.5 per cent, this means that the market ' s assessment of United States fiscal risk has significantly escalated。

Financial cooperation between the two parties — or lack thereof. The $10 trillion deficit reduction target estimated by the Responsible Federal Budget Commission is the benchmark against which any legislative action should be measured. The bipartisan cooperation movement towards that goal would be a significant positive signal; the absence of such cooperation — the current benchmark — would steadily advance the slow-fire scenario。

DEBT WAS $39 TRILLION, AN INCREASE OF $5 TO $8 BILLION PER DAY. THIS YEAR, FOR THE FIRST TIME, INTEREST EXPENDITURE EXCEEDED $1 TRILLION. FOR THE FIRST TIME SINCE WORLD WAR II, THE DEBT-TO-GDP RATIO EXCEEDED 100 PER CENT. CBO INDICATES THAT THE FISCAL TRAJECTORY IS UNSUSTAINABLE. BOND MARKETS SEND THE SAME SIGNAL THROUGH RISING YIELDS. FOR INVESTORS, THE QUESTION IS NOT WHETHER THIS IS IMPORTANT. THE QUESTION IS, IN A WORLD WHERE THE BORROWING NEEDS OF THE UNITED STATES GOVERNMENT HAVE BEEN SUSTAINED AND GROWING FOR A LONG TIME, AND AGAINST THE BACKDROP OF THE END OF THE ERA OF CHEAP GOVERNMENT DEBT, HOW TO ADJUST ITS SILOS。

About BIT

DIRECT HOLDERS OF UNITED STATES STOCK BUSINESS COVER BOTH THE AMERICAN STOCKBOARD AND THE FULL EF. THANKS TO MORE THAN SEVEN YEARS OF DECLINE IN INSTITUTIONAL SERVICE GENES AND COMPLIANCE LICENCES, BIT SUCCEEDED IN OPENING THE BORDER BETWEEN DIGITAL ASSETS AND TRADITIONAL FINANCE, HELPING INVESTORS QUICKLY CAPTURE INVESTMENT OPPORTUNITIES。

Data sources

Hoover Institute, United States National Debt and Deficit, May 2026. Fox Business, a federal deficit is expected to reach $2 trillion for the 2026 fiscal year, in May 2026. Fox Business, United States national debt for the first time surpassed a 39 trillion-dollar historic milestone, in March 2026. Congress Budget Office, Budget and Economic Outlook: 2026-2036, February 2026. Responsible Federal Budget Commission, CBO February 2026 Budget and Economic Outlook, February 2026. Responsible Federal Budget Commission, public debt in excess of GDP, May 2026. BigGo Finance, the United States debt has surpassed the overall economy for the first time since World War II, in May 2026. Independent Institute, another cold milestone in national debt, May 2026. CBS News, United States debt now exceeds GDP in May 2026. Fortune magazine, US national debt officially exceeded $39 trillion in May 2026. Fortune magazine, US Treasury pays $3 billion a day in interest, May 2026. Fortune magazine, $3.8 trillion national debt and finance track unsustainable CBO, February 2026. United States Action Forum, National Debt Interest Expenditure: Near and Long-term Prospects, April 2026. The responsible Federal Budget Commission will have a debt interest of over $1 trillion in February 2025. Peter G. Peterson Foundation, Cost of State Debt, March 2026. Two Party Policy Center, CBO ' s latest 10-year benchmark fiscal outlook, February 2026. Two Party Policy Center, Deficit Tracking, May 2026. 24/7 Wall St., Social Security OASI Fund 2032, March 2026. Fox Business, Social Security Trust 2032 Repayment Crisis, February 2026. United States Congress Joint Economic Commission, monthly debt update, April 2026. United States Committee on Foreign Relations, United States touched on what would happen to the debt ceiling, 2023. Gatu Institute, Insolvency: Gradual and then suddenly, 2023. United States House of Representatives Budget Committee, Consequences of Debt, 2025. Carmen Reinhardt and Kenneth Rogoff, This Different: Eight hundred Years of Financial Rage。

Data as of May 2026。

This report is intended for educational and information purposes only and does not constitute an investment proposal and should not be read as a recommendation to buy, sell or hold any securities or financial instruments. All investments involve risk. Readers should conduct their own adequate research and consult licensed financial consultants before making any investment decisions。

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