Ray Dalio says the world is running out of interest in buying U.S. debt—but America is unable to cut back on spending

Ray Dalio warned at the Future China Global Forum that America’s $37.5 trillion debt poses a crisis risk, but argued the U.S. can’t realistically cut spending. Dalio noted a “greater realization” in the Trump administration of the debt challenge, though the growing gap between spending and revenue leaves markets wary of long-term sustainability.

On a spectrum of opinion about America’s national debt, Ray Dalio comes down on the end of “crisis.”

The Bridgewater Associates founder has long warned America’s fiscal trajectory is on a dangerous path owing to its $37.5 trillion national debt—with additional interest payments of $1.13 trillion for the 2025 fiscal year to date.

But Dalio, speaking at the Future China Global Forum in Singapore this week, doesn’t think the U.S. is in a position