GAO: Biggest Fiscal Threat to U.S. Is Interest on Treasury Debt -- Not Social Welfare Programs

The report further noted that both the Congressional Budget Office (CBO), and GAO's own projections indicate that the federal government's current fiscal path is unsustainable and policy changes must occur.

Key concerns raised by these findings include the fact that federal resources that could be deployed into key priorities like rebuilding the nation's roads and bridges are being diverted to interest on debt.

Another concern expressed by the GAO is the upward rise in interest rates... "In recent years interest rates on Treasury securities have remained low, lowering interest costs. However, CBO and others project those interest rates will rise in the long term, increasing the net interest costs on the debt.

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Given these valid and serious concerns on the non sustainability of growing U.S. debt, one has to question the Trump administration's plan for tax cuts. According to the Committee for a Responsible Federal Budget, the plan could result in $5.5 trillion in revenue losses over a decade. Their analysis suggests the tax plan could increase U.S. debt to 111 percent of GDP by 2027. The group notes that this "would be higher than any time in U.S. history and no achievable amount of economic growth could finance it."