In just seven months, the US government has spent an astounding $514 billion on interest payments for its national debt. This amount is even higher than what was allocated for national defense and Medicare combined. In fact, it surpasses the funds allocated for veterans, education, and transportation altogether.

As the national debt approaches $34.8 trillion, the financial world is increasingly concerned about the state of America’s balance sheet. Goldman Sachs CEO, David Solomon, recently discussed the importance of addressing the national debt and deficit. However, he believes that significant action will not be taken until after the upcoming election.

Solomon emphasizes the need for a sharper focus and more dialogue regarding the level of debt and spending in the United States. While acknowledging the impact of the pandemic on decision-making, he expresses concerns about the continuing high levels of spending and the resulting debt issues that could arise in the future.

Although Solomon acknowledges the limited attention that the national debt is currently receiving due to the election year, he hopes that there will be more discussions and actions taken to address this issue in the next administration.

It is crucial for political leaders to prioritize the national debt and deficit, as it poses significant challenges for the country’s financial stability. However, it remains to be seen how much attention will be given to this pressing matter in the coming months.

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