Governments worldwide are grappling with an escalating global debt crisis of $91 trillion.

The crisis is threatening living standards and economic stability.

The US is facing a ballooning federal deficit that could reach 122% of GDP in a decade.

Interest payments in the US could surpass defense and healthcare spending.

Economists and the IMF are warning of the risks of chronic deficits, including higher borrowing costs and limited funds for investments and social programs.

Urgent action is needed to address the growing debt problem to avoid a potential financial crisis.

Potential consequences of inaction include currency devaluation or rapid inflation.

Financial markets are on edge, highlighting the need for governments to prioritize fiscal discipline.

Preventing catastrophic economic fallout is imperative.