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.

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,

Bridgewater founder Ray Dalio compared the US debt to plaque building up in a heart, and said it was vital to act before the situation worsens.

Ray Dalio, founder of asset manager Bridgewater Associates, said Trump's plan to cut taxes while ramping up spending would trigger a meltdown