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

Ray Dalio speaks onstage during the 2025 TIME100 Summit at Jazz at Lincoln Center on April 23, 2025 in New York City. (Credit: Jemal Countess - Getty Images for TIME)

• 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.”