In a sobering illustration of how wildly and irresponsibly the federal government is spending money it doesn’t really have, we, the American taxpayers, are now on the hook for $35.3 trillion.

Over $1 trillion is required now just to service the debt, and federal spending—outrageously high under the Democratic Biden-Harris administration, facilitated by congressmen of both parties—is almost continually going up. The debt sees slight drops some weeks, but they do not impact the overall upward trend.

According to the U.S. Treasury’s “Debt to the Penny” tracker, the U.S. national debt was $35,303,965,164,452.88 as of September 25. That includes $28,194,235,452,983.90 of “Debt Held by the Public” and “Intragovernmental Holdings” (debt the government owes itself) to the tune of $7,109,729,711,468.98.

Hopefully, this spending could be reined in under a new administration, although, unfortunately, Donald Trump is also a big government spender (though he has proposed some significant bureaucracy cuts). Much of what the federal government does now is unconstitutional and expensive. Eventually, the system will collapse, especially with how much value the U.S. dollar has lost just in the last few years under Biden. This comes as America’s enemies, including China and Iran, unite to undermine the U.S. dollar's status as world reserve currency.

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Fox Business explained why the ballooning debt is so dangerous:

The outlook for the federal debt level is bleak, with economists increasingly sounding the alarm over the torrid pace of spending by Congress and the White House. Interest payments on the debt for the government's fiscal year, which begins in October, now exceed the costs of Medicare and the defense budget…The spike in the national debt follows a burst of spending by President Biden and Democratic lawmakers.

As Committee for a Responsible Federal Budget (CRFB) President Maya MacGuineas said, “We are clearly on an unsustainable fiscal path.”

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In fact, while about 40 years ago the U.S. debt was about $907 billion, it has not only grown to $35.3 trillion but is projected to hit $54 trillion in the next decade, per Fox.

Sean Snaith, an economist at the University of Central Florida, told Fox Business, “This is a warning shot across the U.S. government's bow that it needs to right its fiscal ship. You can't just spend trillions of dollars more than you have in revenue every year and expect no ill consequences.”

[As] interest rates rise, the federal government's borrowing costs on its debt will also increase. In fact, interest payments on the national debt are projected to be the fastest-growing part of the federal budget over the next three decades, according to the CRFB.

Payments are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion in 2032. By 2053, the interest payments are projected to surge to $5.4 trillion. To put that into perspective, that will be more than the U.S. spends on Social Security, Medicare, Medicaid and all other mandatory and discretionary spending programs.

Indeed, as of July, 76% of Americans’ income taxes were needed just for interest payments.

“America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation,” Michael Peterson, CEO of the Peter G. Peterson Foundation, told Fox Business. “This is not the future any of us want, and it’s no way to run a great nation like ours.” All Joe Biden has done, and Kamala Harris plans to do, is run our nation into the ground.