ML-Implode News - US national debt soars by $100 billion. . . in just 8 hours

... literally in the span of a single 8-hour workday, the US government amassed an astonishing $97 billion in debt. That's simply incredible-- $97 billion is larger than the entire GDP of New Mexico or Luxembourg. In 8 hours... despite this prodigious debt, the government has absolutely nothing to show for it... [and] if the government's average interest rate returned to 2007 levels, they would be spending nearly $1 trillion each year just to pay interest.
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You might be thinking-- "Can't they just cut government spending?" No. Again, not without defaulting on taxpayers. The three biggest line items in the budget that mop up almost ALL government spending are: (1) Debt interest, (2) Social Security & Medicare, and (3) Military. Everything else COMBINED is trivial by comparison. So cutting spending quite literally requires a default on the promises they've made to taxpayers.

Relevant:

US national debt soars by $100 billion. . . in just 8 hours