The U.S. national debt has reached $40 trillion, putting pressure on the Trump administration to explain how it plans to address the fiscal outlook. President Trump and Treasury Secretary Scott Bessent have argued that strong economic growth could help reduce the burden, but economists say the more important measure is the debt-to-GDP ratio, which currently stands at 122%. The administration has previously floated tariffs and a $5 million golden visa program as ways to reduce the debt. A Supreme Court ruling later ordered the administration to repay approximately $100 billion in revenues deemed illegal. Bond-market concerns are growing, with the risk premium on 30-year Treasuries rising above 5.3% in recent days and Bessent deploying $4 billion or more in unscheduled buybacks. Kent Smetters of the Wharton School said growth alone is unlikely to resolve the debt problem, particularly because Social Security, Medicare and Medicaid costs can rise alongside productivity and wages. New research found that only 10% of voters said the debt issue would not affect their ballot decision later this year. Other options under discussion include reducing federal deficits to 3% of GDP and creating a commission to examine budget choices. The outlook also depends on whether the artificial intelligence investment boom produces lasting gains before debt-market concerns intensify. Smetters said policymakers' credibility will be crucial and warned that unfulfilled growth promises could undermine confidence, while arguing that there is still time for rational debate rather than panic.