On Monday, the national debt reached a historic milestone, exceeding $33 trillion for the first time, according to Treasury Department data.
Public debt is currently at $26 trillion, which is not too far behind federal liabilities and shows a rapid growth in overall debt.
The debt has grown from $31.4 trillion in June to 33 trillion in September.
Treasury Secretary Janet Yellen says that the debt interest rates still remain manageable, and therefore aren't too worrisome.
But, the Congressional Budget Office cautioned in June that mounting debt could lead the net interest payments to increase by 6.7% by 2053.
The budget office warned that rising debt could also increase interest rates for foreign debt holders.
Critics have argued further that the American population is living in a "credit bubble" with the total public household debt hitting a record $17 trillion.
Non-housing debt stands at $4.7 trillion and the U.S. debt to GDP ratio is 120% according to Federal Reserve data.