Billionaire investor Ray Dalio is warning that the United States could face a serious debt crisis within the next three years as federal borrowing continues to grow and interest payments consume an increasing share of government resources.

Dalio, the founder of Bridgewater Associates, has repeatedly raised concerns about the long-term consequences of rising U.S. debt. His latest warning centers on the widening gap between federal spending and revenue and the growing cost of servicing the nation’s obligations.

The federal government has accumulated more than $39 trillion in national debt, while annual interest costs have become one of Washington’s largest expenses. Dalio has argued that the trajectory is difficult to sustain without significant changes to government spending, taxation or economic policy.

He has also warned that excessive borrowing can create a cycle in which the government must issue increasing amounts of debt to cover existing obligations and interest expenses. If investors begin demanding higher returns to hold U.S. Treasury securities, the resulting increase in borrowing costs could place additional pressure on federal finances.

Dalio’s concerns come as policymakers continue to debate how to address the nation’s long-term fiscal imbalance. Entitlement programs, defense spending, domestic programs and interest on the debt all contribute to federal expenditures, while tax revenues remain insufficient to cover total spending.

The investor has previously described debt as part of a broader economic risk involving government finances, inflation, interest rates and confidence in the dollar. He has urged policymakers to confront the imbalance before financial pressures become more difficult to manage.

Dalio’s three-year warning is a forecast rather than a certainty, but it underscores the growing debate over whether Washington can continue accumulating debt at its current pace without eventually facing more severe economic consequences.