There are a lot of consequences to the federal government carrying a large debt burden, and the federal government will reach debt levels of 80% of GDP soon.
Federal debt held by the public has exploded in the Obama Era. The 2008 recession necessitated a policy response, and the Obama Administration's response was to institute a massive stimulus program on top of cratering federal revenues, which ballooned the federal deficit and added a huge amount of federal debt.
The Congressional Budget Office's long-term budget update was released today, and there are important updates from its previous projections relating to recent legislative changes. Guy will have more, but there are a few important things to remember.