Ray Dalio, founder of Bridgewater Associates, has raised alarms about the United States’ national debt, predicting an imminent crisis. What Happened: According to a report by Fortune, Dalio expressed his concerns during his speech at the CONVERGE LIVE event in Singapore on Thursday.

When you reach the part of the cycle that you have to borrow money to pay debt service, and the holders of those bonds say it’s a risky situation — in the private debt market, we call that the debt death spiral,

Ray Dalio, the billionaire founder of hedge fund Bridgewater Associates, has a warning for the Trump administration: commit right now to reducing the deficit or risk a major debt crisis within three years.