People wait for a bus near a National Debt Clock billboard display showing the United States gross national debt and each American family's share of the debt in Washington, DC, on December 30, 2024. The Congressional Budget Office has stated that the US national debt is poised to top $56 trillion by 2034, as rising spending and interest expenses outpace tax revenues. The mounting costs of Social Security and Medicare continue to weigh on the nation's finances, along with rising interest rates, which have made it more costly for the federal government to borrow huge sums of money. (Photo by ROBERTO SCHMIDT / AFP) (Photo by ROBERTO SCHMIDT/AFP via Getty Images)