Federal Budget Deficit and National Debt
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Federal Budget Deficit and National Debt
Federal Deficits and the Growing Fiscal Imbalance
The United States federal government runs a budget deficit when annual spending exceeds the revenue collected through taxes and other sources. Persistent deficits require the government to borrow money, adding to the national debt. Recent federal budget reports show that large deficits have become a continuing feature of the nation's fiscal outlook rather than a temporary response to a single crisis.
Federal deficits have remained historically high in recent years. The federal government recorded deficits of approximately $1.8 trillion in both fiscal year 2024 and fiscal year 2025. During fiscal year 2026, monthly and rolling deficit estimates continued to show substantial borrowing. By June 2026, federal borrowing over the previous 12 months was estimated at approximately $1.8 trillion.
Monthly budget figures can fluctuate considerably because of tax-payment deadlines, benefit-payment schedules, calendar effects, refunds, and other timing issues. April, for example, often produces a monthly surplus because of individual income tax collections. These temporary changes do not necessarily alter the broader long-term trend.
The Congressional Budget Office projects that annual deficits will remain large and increase over the coming decade. Spending pressures from Social Security, Medicare, other federal programs, and interest payments on accumulated debt are expected to outpace projected federal revenues.
A budget deficit is different from a trade deficit. The federal budget deficit measures the difference between government revenue and government spending. A trade deficit occurs when the value of goods and services imported by the United States exceeds the value of American exports.
National Debt and the Long-Term Fiscal Outlook
The national debt represents accumulated federal borrowing resulting largely from past budget deficits. Gross federal debt includes debt held by the public and debt held within federal government accounts.
Federal debt has reached a series of major milestones. Gross national debt surpassed $37 trillion in 2025, exceeded $38 trillion later that year, and passed $39 trillion in March 2026. These totals reflect decades of accumulated borrowing as well as continuing annual deficits.
Debt held by the public is often used to evaluate the government's fiscal condition because it measures federal borrowing from investors outside federal government accounts. The Congressional Budget Office projects that publicly held debt will continue increasing faster than the economy.
Under CBO's 2026–2036 outlook, the annual federal deficit is projected to increase from roughly $1.9 trillion in 2026 to approximately $3.1 trillion in 2036. Federal debt held by the public is projected to reach approximately 120 percent of gross domestic product by 2036.
Longer-term projections are even more concerning. Government Accountability Office and other fiscal analyses indicate that debt could continue rising dramatically relative to the economy over several decades unless significant changes are made to federal spending, taxation, or both.
High debt can limit the government's ability to respond to recessions, wars, natural disasters, and other emergencies. Growing federal borrowing may also place upward pressure on interest rates, reduce private investment, and transfer larger financial obligations to future taxpayers.
Rising Interest Costs and Treasury Financing
Interest payments have become one of the fastest-growing areas of the federal budget. As the national debt increases and older Treasury securities are refinanced at higher interest rates, the cost of servicing federal debt rises.
During fiscal year 2026, federal interest costs became the government's second-largest major spending category, behind Social Security. Annual net interest payments were projected to exceed $1 trillion and could rise to approximately $2.1 trillion by 2036.
Interest costs create a compounding fiscal problem. The federal government must borrow additional money to finance deficits, and the resulting debt produces additional interest expenses. Higher interest costs then contribute to future deficits and additional borrowing.
The U.S. Department of the Treasury finances federal deficits by issuing Treasury bills, notes, bonds, and other securities. These securities are purchased by American investors, financial institutions, pension funds, the Federal Reserve, and foreign investors.
Treasury debt has historically benefited from strong global demand. However, changes in investor preferences, interest rates, inflation expectations, and confidence in U.S. fiscal policy can affect borrowing costs and Treasury markets. Recent analysis has examined whether foreign investors are increasingly favoring American equities rather than Treasury securities.
Treasury debt management involves balancing borrowing costs, refinancing risks, investor demand, and the maturity structure of federal securities. As the total debt expands, the Treasury must conduct increasingly large financing operations and regularly refinance enormous amounts of maturing debt.
The Debt Ceiling and Federal Borrowing Authority
The federal debt ceiling is a statutory limit on the amount of debt the Treasury is authorized to issue. It does not directly approve new federal spending. Instead, it affects the government's ability to borrow money needed to meet financial commitments created by previous legislation and existing obligations.
When the government reaches the statutory debt limit, the Treasury can temporarily use accounting procedures known as extraordinary measures. These measures allow the government to continue paying obligations for a limited period without issuing debt above the statutory ceiling.
Debt-ceiling confrontations have repeatedly generated political and financial uncertainty. Failure to increase or suspend the debt limit before Treasury exhausts available borrowing authority could prevent the federal government from meeting all of its financial obligations.
Fiscal policy organizations have proposed reforms to the debt-ceiling process. Suggestions include automatically increasing borrowing authority when Congress approves legislation that creates additional debt, linking debt-limit votes to budget resolutions, or replacing the existing system with alternative fiscal controls.
Critics of the current debt-ceiling system argue that it creates the risk of a financial crisis without directly addressing the underlying causes of federal deficits. Supporters of congressional borrowing limits argue that the process can create political pressure for broader fiscal debate.
Deficit Reduction and Fiscal Reform
Reducing federal deficits could require a combination of spending changes, tax increases, economic growth, and reforms to major federal programs. Because large portions of federal spending are concentrated in Social Security, Medicare, defense, healthcare programs, and interest payments, significant long-term deficit reduction is difficult without addressing politically sensitive areas of the budget.
The Congressional Budget Office has published numerous policy options for reducing federal deficits. These options include changes to healthcare programs, Social Security, defense spending, discretionary programs, tax deductions, tax rates, and other federal policies.
Some fiscal policy organizations have proposed reducing annual deficits to approximately 3 percent of gross domestic product. Supporters of this goal argue that keeping deficits near that level could help stabilize the national debt relative to the size of the economy.
Recent tax and spending legislation has intensified debate over federal borrowing. Analyses of major legislation enacted or proposed during 2025 estimated that some policies could add trillions of dollars to federal debt over several decades, particularly if temporary provisions are eventually extended.
Fiscal reform remains politically difficult because spending cuts and tax increases can impose immediate costs on voters while the benefits of lower debt may develop gradually. Major entitlement programs also serve tens of millions of Americans and represent a substantial portion of the federal budget.
Economists and budget analysts disagree about the appropriate timing and structure of deficit reduction. Some emphasize the risks of high debt and rising interest costs. Others caution that abrupt spending reductions or tax increases can weaken economic activity, particularly during recessions.
The Federal Budget Process and Fiscal Policy
The federal budget process involves the president, Congress, federal agencies, the Treasury Department, the Congressional Budget Office, and other institutions.
The president submits an annual budget proposal outlining the administration's spending and revenue priorities. Congress considers budget resolutions, appropriations legislation, tax proposals, and other bills affecting federal finances.
Federal spending is generally divided into mandatory spending, discretionary spending, and net interest. Mandatory programs operate largely under existing laws and include Social Security, Medicare, and many other benefit programs. Discretionary spending is determined through annual appropriations and includes defense and numerous domestic government activities.
Federal revenue comes primarily from individual income taxes, payroll taxes, corporate income taxes, and other sources. When federal spending exceeds revenue, the Treasury finances the resulting deficit through borrowing.
The Congressional Budget Office provides independent budget projections and cost estimates for Congress. The Government Accountability Office examines federal financial management and long-term fiscal risks. The Treasury Department publishes detailed information about debt, revenue, expenditures, and government financing.
Because economic conditions affect tax revenue and government spending, federal budget projections are inherently uncertain. Inflation, productivity, employment, interest rates, and economic growth can significantly alter future deficits and debt.
Understanding Federal Debt Data
Several federal agencies maintain extensive public data on federal deficits and national debt. The Treasury's Debt to the Penny dataset reports the government's outstanding debt on a daily basis. The Monthly Treasury Statement provides detailed information about federal receipts and outlays.
The Congressional Budget Office publishes monthly budget reviews, annual budget outlooks, and long-term fiscal projections. CBO data allows researchers to examine historical and projected spending, revenue, deficits, debt, and economic indicators.
The Government Accountability Office publishes reports on federal debt management and long-term fiscal sustainability. Its America's Fiscal Future project examines how demographic trends, healthcare spending, Social Security, and interest costs affect government finances.
The Federal Reserve Bank of St. Louis provides historical fiscal data through the FRED database. Available series include federal deficits, debt held by the public, federal debt as a percentage of GDP, government receipts, government expenditures, and net interest payments.
Different measures of federal debt can produce different totals. Gross federal debt includes debt held by the public and intragovernmental debt. Debt held by the public measures Treasury securities held by investors outside the federal government. Debt-to-GDP ratios compare government debt with the size of the national economy.
Understanding these distinctions is important when evaluating claims about the federal deficit and national debt.
Conclusion
The federal budget deficit and national debt represent one of the most significant long-term challenges facing the United States. Persistent annual deficits have pushed federal debt to historically high levels, while rising interest costs consume an increasing share of government resources.
Current projections indicate that deficits and debt will continue increasing without significant changes to federal spending, taxation, or both. Social Security, Medicare, healthcare costs, demographic changes, and interest payments are among the major forces shaping the long-term fiscal outlook.
There is broad recognition among federal fiscal agencies that the current long-term trajectory is unsustainable, although substantial disagreement remains over how and when to address the problem. Proposed solutions range from spending reductions and entitlement reforms to revenue increases, economic growth policies, and changes to the federal budget process.
The national debt is ultimately the accumulated result of decisions about government spending and revenue. Understanding federal budget data, debt projections, interest costs, and fiscal policy choices is essential to evaluating the consequences of those decisions for the economy and future generations.
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Federal Budget Deficit and National Debt
Federal Deficits and Monthly Budget Trends
12-Month Rolling Deficit Reaches $1.8 Trillion in June 2026
| Committee for a Responsible Federal Budget | CRFB | July 9, 2026
Federal borrowing over the previous 12 months reached approximately $1.8 trillion, illustrating the persistence of large structural budget deficits.
U.S. May Budget Deficit Shrinks, but Tariff Refunds Affect Collections
| David Lawder | Reuters | June 10, 2026
The May deficit declined from the previous year, although calendar effects and tariff refunds complicated comparisons between the two periods.
Monthly Budget Review: May 2026
| Congressional Budget Office | CBO | June 8, 2026
CBO estimated that the federal deficit totaled approximately $1.2 trillion during the first eight months of fiscal year 2026.
U.S. Posts Smaller April Budget Surplus as Tax Refunds Rise
| David Lawder | Reuters | May 12, 2026
The federal government recorded an April surplus, but it was smaller than the previous year because refunds increased and corporate tax receipts declined.
12-Month Rolling Deficit Is $1.7 Trillion in April 2026
| Committee for a Responsible Federal Budget | CRFB | May 8, 2026
Federal borrowing totaled roughly $1.7 trillion during the 12 months ending in April 2026.
12-Month Rolling Deficit Is $1.7 Trillion in May 2026
| Committee for a Responsible Federal Budget | CRFB | May 2026
The government borrowed about $1.7 trillion between June 2025 and May 2026, based on estimates from the Congressional Budget Office.
U.S. March Budget Deficit Rises Slightly to $164 Billion
| David Lawder | Reuters | April 10, 2026
The March deficit increased slightly, while stronger tariff collections helped reduce the cumulative deficit during the first half of fiscal year 2026.
12-Month Rolling Deficit Is $1.6 Trillion in February 2026
| Committee for a Responsible Federal Budget | CRFB | March 9, 2026
The federal government borrowed approximately $1.6 trillion during the 12 months ending in February 2026.
Monthly Budget Review: February 2026
| Congressional Budget Office | CBO | March 9, 2026
The federal deficit reached approximately $1 trillion during the first five months of fiscal year 2026.
U.S. Budget Deficit to Keep Growing Amid Tax Cuts
| David Lawder | Reuters | February 11, 2026
CBO projected a fiscal year 2026 deficit of approximately $1.85 trillion and cumulative deficits exceeding $23 trillion over the following decade.
12-Month Rolling Deficit Is $1.6 Trillion in January 2026
| Committee for a Responsible Federal Budget | CRFB | February 9, 2026
The federal government borrowed approximately $1.6 trillion during the year ending in January 2026.
What Is the Difference Between the Trade Deficit and Budget Deficit?
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | January 22, 2026
The article distinguishes the federal budget deficit from the international trade deficit and explains why the two measures reflect different economic activities.
U.S. Posts Record $145 Billion December Deficit
| David Lawder | Reuters | January 13, 2026
December outlays exceeded receipts by a record amount, although the cumulative fiscal-year deficit remained below the comparable previous-year total.
Monthly Budget Review: Summary for Fiscal Year 2025
| Congressional Budget Office | CBO | November 10, 2025
The federal deficit totaled approximately $1.8 trillion in fiscal year 2025, as both revenues and federal outlays increased.
Monthly Budget Review: September 2025
| Congressional Budget Office | CBO | October 8, 2025
CBO estimated that the federal budget deficit totaled approximately $1.8 trillion during fiscal year 2025.
U.S. Deficit Forecast Is $1 Trillion Higher Over the Next Decade
| David Lawder | Reuters | August 20, 2025
Updated estimates showed that federal deficits could total approximately $22.7 trillion between fiscal years 2026 and 2035.
Monthly Budget Review: June 2025
| Congressional Budget Office | CBO | July 9, 2025
The federal deficit totaled approximately $1.3 trillion during the first nine months of fiscal year 2025.
Monthly Budget Review: April 2025
| Congressional Budget Office | CBO | May 8, 2025
CBO reviews April tax receipts, federal spending, the monthly surplus, and the cumulative deficit during fiscal year 2025.
12-Month Rolling Deficit Is $2 Trillion in April 2025
| Committee for a Responsible Federal Budget | CRFB | May 2025
Federal borrowing totaled approximately $2 trillion during the 12 months ending in April 2025.
Monthly Budget Review: March 2025
| Congressional Budget Office | CBO | April 8, 2025
CBO reports federal revenues, outlays, and deficits for the first half of fiscal year 2025.
12-Month Rolling Deficit Rises to $2.2 Trillion in February 2025
| Committee for a Responsible Federal Budget | CRFB | March 10, 2025
Federal borrowing over the previous 12 months reached approximately $2.2 trillion.
Monthly Budget Review: February 2025
| Congressional Budget Office | CBO | March 10, 2025
The report examines federal revenues, outlays, and the cumulative deficit during the first five months of fiscal year 2025.
Monthly Budget Review: January 2025
| Congressional Budget Office | CBO | February 7, 2025
CBO analyzes federal borrowing during the first four months of fiscal year 2025 and discusses the reinstated debt limit.
Monthly Budget Review: Summary for Fiscal Year 2024
| Congressional Budget Office | CBO | November 8, 2024
The report summarizes federal revenues, spending, and the approximately $1.8 trillion budget deficit recorded in fiscal year 2024.
Monthly Budget Review: September 2024
| Congressional Budget Office | CBO | October 8, 2024
CBO estimated that the fiscal year 2024 deficit was approximately $1.8 trillion, substantially larger than the previous year’s shortfall.
Monthly Budget Review: September 2023
| Congressional Budget Office | CBO | October 10, 2023
The fiscal year 2023 deficit was approximately $1.7 trillion after adjusting for the accounting effects of the canceled student-loan forgiveness program.
National Debt and Long-Term Fiscal Outlook
Chart Pack: The U.S. Budget
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | June 24, 2026
A collection of charts explains federal revenues, spending, deficits, borrowing, and the structural imbalance driving the national debt.
GAO Calls for Urgent and Sustained Action on the National Debt
| Committee for a Responsible Federal Budget | CRFB | June 17, 2026
The article reviews GAO’s warning that debt is growing faster than the economy and that Congress needs a comprehensive fiscal strategy.
Record Government Debt Is Here to Stay
| Jamie McGeever | Reuters | April 27, 2026
Governments across advanced economies are running historically large deficits, creating risks of higher inflation, fiscal dominance, and heavier debt burdens.
U.S. National Debt Surges Past $39 Trillion
| Fatima Hussein | Associated Press | March 18, 2026
Gross federal debt exceeded $39 trillion as persistent deficits and emergency expenditures accelerated government borrowing.
The Budget and Economic Outlook: 2026–2036
| Congressional Budget Office | CBO | February 11, 2026
CBO projects a $1.9 trillion deficit in 2026, increasing to $3.1 trillion in 2036 as debt rises to approximately 120 percent of GDP.
U.S. National Debt Reaches a Record $37 Trillion
| Fatima Hussein | Associated Press | August 12, 2025
Gross national debt crossed $37 trillion after the enactment of legislation expected to add trillions of dollars to federal borrowing.
National Debt Could More Than Double the Size of the Economy
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | April 10, 2025
GAO projections indicate that publicly held debt could rise above 250 percent of GDP over three decades without major policy changes.
National Debt on Track to Reach a Record High in Four Years
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | January 17, 2025
CBO projections show that debt held by the public could soon exceed the post-World War II record as a share of GDP.
The Budget and Economic Outlook: 2025–2035
| Congressional Budget Office | CBO | January 17, 2025
CBO projected a fiscal year 2025 deficit of approximately $1.9 trillion and continued growth in deficits and debt over the following decade.
An Update to the Budget and Economic Outlook: 2024–2034
| Congressional Budget Office | CBO | June 18, 2024
CBO raised its deficit projections and estimated that publicly held debt would continue climbing relative to the economy.
The Budget and Economic Outlook: 2024–2034
| Congressional Budget Office | CBO | February 7, 2024
CBO projected cumulative deficits of more than $20 trillion over the decade and a continuing increase in publicly held debt.
The Budget and Economic Outlook: 2023–2033
| Congressional Budget Office | CBO | February 15, 2023
CBO projected that annual deficits would increase significantly and that debt held by the public would reach a record percentage of GDP.
Interest Costs, Treasury Financing, and Debt Markets
Foreign Demand for U.S. Debt Weakens as Investors Favor Stocks
| Reuters | Reuters | July 9, 2026
Foreign investors have increasingly favored American equities over Treasury debt, raising questions about the stability of international financing for U.S. deficits.
Interest Costs on the National Debt
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | June 30, 2026
Interest costs were the federal government’s second-largest spending category during fiscal year 2026, trailing only Social Security.
The Federal Government’s Debt Is Growing Faster Than the Economy
| U.S. Government Accountability Office | GAO | June 11, 2026
GAO explains how persistent deficits, rising interest costs, Social Security, Medicare, and other spending pressures are increasing federal debt.
How Changes in Economic Conditions Might Affect the Federal Budget: 2026–2036
| Congressional Budget Office | CBO | April 21, 2026
CBO examines how changes in productivity, inflation, interest rates, employment, and other economic conditions could alter projected deficits and debt.
Chart Pack: Fiscal Outlook
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | April 2026
Charts illustrate the long-term growth of deficits, debt, interest costs, Social Security, Medicare, spending, and federal revenues.
Federal Debt Management: Treasury Is Meeting Borrowing Needs
| U.S. Government Accountability Office | GAO | March 31, 2026
GAO reviews Treasury auctions, investor demand, refinancing requirements, borrowing costs, and risks created by the expanding federal debt.
Testimony on the Budget and Economic Outlook: 2026–2036
| Phillip Swagel | Congressional Budget Office | March 11, 2026
CBO’s director explains why federal deficits remain historically large and why rising net interest costs increasingly drive future borrowing.
Top 10 Reasons Why the National Debt Matters
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | February 27, 2026
The article outlines how federal debt affects interest rates, wages, economic growth, public investment, national security, and future generations.
What Is the National Debt Costing Us?
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | February 12, 2026
Federal net interest payments are projected to exceed $1 trillion in fiscal year 2026 and rise to approximately $2.1 trillion by 2036.
Interest Costs on the Debt Will Soon Be at an All-Time High
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | February 12, 2026
Interest costs are projected to exceed previous postwar records when measured as a percentage of the economy.
CBO: Federal Deficits and Debt to Worsen Over the Next Decade
| Fatima Hussein | Associated Press | February 11, 2026
CBO projects that rising Social Security, Medicare, and interest costs will keep deficits elevated and push publicly held debt to record levels.
Director’s Statement on the Budget and Economic Outlook
| Phillip Swagel | Congressional Budget Office | February 11, 2026
CBO’s director summarizes the agency’s projections for federal spending, revenues, economic growth, deficits, interest costs, and debt.
National Debt Outlook Gets Worse as Interest Costs Exceed $1 Trillion
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | February 11, 2026
The analysis finds that projected deficits increased compared with the previous CBO baseline while annual interest costs crossed the trillion-dollar threshold.
Financial Audit of the Bureau of the Fiscal Service
| U.S. Government Accountability Office | GAO | January 20, 2026
The audit reports that gross federal debt reached approximately $37.6 trillion at the end of fiscal year 2025 and annual interest expense reached $1.2 trillion.
Top 13 Fiscal Charts of 2025
| Committee for a Responsible Federal Budget | CRFB | December 31, 2025
The charts examine federal debt, deficits, interest costs, tax legislation, entitlement programs, and the fiscal effects of policy changes enacted during 2025.
U.S. Gross National Debt Surpasses $38 Trillion
| Fatima Hussein | Associated Press | October 22, 2025
Gross federal debt exceeded $38 trillion, highlighting the rapid accumulation of borrowing and growing interest expenses.
Editorial Roundup: The Rising National Debt
| Associated Press | Associated Press | June 30, 2025
Editorials from several publications discuss interest costs, tax legislation, growing debt, and the political failure to address federal borrowing.
How the National Debt Affects the United States and You
| Abha Bhattarai and Kevin Schaul | The Washington Post | June 23, 2025
Ten charts explain how federal borrowing affects interest rates, mortgages, government programs, investment, taxes, and the broader economy.
How Changes in Economic Conditions Might Affect the Federal Budget: 2025–2035
| Congressional Budget Office | CBO | March 13, 2025
CBO evaluates how alternative assumptions about productivity, inflation, unemployment, and interest rates could affect federal debt and deficits.
U.S. Deficit Hits $1.8 Trillion as Interest Costs Rise
| Jeff Stein | The Washington Post | October 8, 2024
The fiscal year 2024 deficit increased as interest costs, Social Security, Medicare, defense, and other federal expenditures grew.
The Long-Term Budget Outlook: 2024–2054
| Congressional Budget Office | CBO | March 20, 2024
CBO projects that persistent primary deficits and rising interest costs will push federal debt far above historical levels over the next three decades.
Debt Ceiling and Borrowing Authority
What Is the Debt Ceiling?
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | September 5, 2025
The infographic explains how the debt ceiling works and reviews the 2025 legislation that increased the statutory borrowing limit.
Reforming the Debt Ceiling
| Committee for a Responsible Federal Budget | CRFB | February 2025
The paper considers alternatives to recurring debt-ceiling confrontations while preserving incentives for lawmakers to address unsustainable borrowing.
Debt Ceiling Reinstated as Treasury Uses Extraordinary Measures
| Committee for a Responsible Federal Budget | CRFB | February 2025
The article explains Treasury’s temporary financial measures after the statutory debt limit was reinstated.
Federal Debt and the Statutory Limit
| Congressional Budget Office | CBO | May 12, 2023
CBO estimated when Treasury might exhaust its ability to borrow under the debt ceiling and discussed the uncertainty surrounding the projected date.
Deficit Reduction, Legislation, and Fiscal Reform
The Nation’s Fiscal Health: Urgent and Sustained Action Is Needed
| U.S. Government Accountability Office | GAO | June 11, 2026
GAO projects publicly held debt will grow substantially faster than the economy and could reach 123 percent of GDP by 2036.
The Case for a 3 Percent of GDP Deficit Target
| Committee for a Responsible Federal Budget | CRFB | May 4, 2026
The paper argues that reducing annual deficits to approximately 3 percent of GDP would help stabilize the national debt relative to the economy.
The Nation’s Accelerating Self-Assassination
| George F. Will | The Washington Post | March 18, 2026
The column argues that political unwillingness to reform retirement programs and control borrowing is transferring a growing fiscal burden to younger Americans.
Running Deficits Larger Than During the Great Depression Is Reckless
| Editorial Board | The Washington Post | January 11, 2026
The editorial calls for a bipartisan goal of reducing the federal deficit to approximately 3 percent of GDP.
The 30-Year Cost of the One Big Beautiful Bill Act
| Committee for a Responsible Federal Budget | CRFB | July 15, 2025
CRFB estimates that the legislation could add $19 trillion to debt over 30 years as written and considerably more if temporary provisions are extended.
House Version of Tax and Spending Bill Could Add Trillions to Deficits
| David Lawder | Reuters | June 17, 2025
CBO estimated that economic growth generated by the bill would offset only a small portion of its tax and spending costs.
Can Trump Fix the U.S. Debt? Even Elon Musk Has Doubts
| Josh Boak | Associated Press | June 2, 2025
The article examines the conflict between promises to reduce federal debt and legislation expected to increase deficits substantially.
76 Options for Reducing the Deficit
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | January 9, 2025
The article summarizes dozens of potential spending and revenue policies that could reduce federal deficits.
Options for Reducing the Deficit: 2025–2034
| Congressional Budget Office | CBO | December 12, 2024
CBO presents policy options involving defense, healthcare, Social Security, taxes, discretionary spending, and other areas of the federal budget.
The Fiscal Responsibility Act and the Federal Budget
| Congressional Budget Office | CBO | June 9, 2023
CBO estimated the effects of the Fiscal Responsibility Act’s discretionary spending caps, rescissions, work requirements, and debt-limit provisions.
Federal Budget Process and Fiscal Policy
Budget 101
| Committee for a Responsible Federal Budget | CRFB | May 1, 2025
The guide explains the federal budget process, mandatory spending, discretionary spending, revenues, deficits, debt, and congressional budget rules.
Federal Deficits and National Debt: General Analysis
CBO Estimates FY 2026 Deficit Overtakes 2025, Totals $1.4 Trillion
| Committee for a Responsible Federal Budget | CRFB | July 9, 2026
The federal government borrowed approximately $1.4 trillion during the first nine months of fiscal year 2026, slightly exceeding the deficit recorded during the same period of fiscal year 2025.
CBO Estimates $1.2 Trillion Deficit for First Half of FY 2026
| Committee for a Responsible Federal Budget | CRFB | April 8, 2026
The United States borrowed approximately $1.2 trillion during the first six months of fiscal year 2026.
The Federal Budget in Fiscal Year 2025: An Infographic
| Congressional Budget Office | CBO | March 30, 2026
The infographic shows that the federal government recorded a $1.8 trillion deficit in fiscal year 2025, equal to approximately 5.8 percent of GDP.
A New Reminder of America’s Debt Problem
| Editorial Board | The Washington Post | February 22, 2026
The editorial discusses CBO projections showing deficits approaching $3.1 trillion annually and debt reaching 120 percent of GDP by 2036.
Accuracy of CBO’s Budget Projections for Fiscal Year 2025
| Congressional Budget Office | CBO | January 16, 2026
CBO reviews differences between its earlier projections and actual federal revenues, outlays, deficits, and economic conditions in fiscal year 2025.
The Federal Budget in Fiscal Year 2024: An Infographic
| Congressional Budget Office | CBO | March 20, 2025
The federal government recorded a $1.8 trillion deficit in fiscal year 2024, equal to approximately 6.4 percent of GDP.
The Federal Budget in Fiscal Year 2023: An Infographic
| Congressional Budget Office | CBO | March 8, 2024
The infographic summarizes the federal government’s fiscal year 2023 revenues, outlays, deficit, and major spending categories.
Reference, Data, and Background Resources
The Current Federal Deficit and Debt
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | Updated regularly
The tracker provides current monthly and fiscal-year figures for federal revenues, spending, deficits, and national debt.
Understanding the National Debt
| U.S. Department of the Treasury | Fiscal Data | Updated regularly
Treasury explains gross federal debt, debt held by the public, intragovernmental debt, debt-to-GDP ratios, and historical borrowing.
National Deficit
| U.S. Department of the Treasury | Fiscal Data | Updated regularly
Treasury explains the difference between annual deficits and accumulated debt and provides current revenue and spending totals.
Debt to the Penny
| U.S. Department of the Treasury | Fiscal Data | Updated daily
The dataset reports the federal government’s total outstanding public debt, debt held by the public, and intragovernmental holdings.
Historical Debt Outstanding
| U.S. Department of the Treasury | Fiscal Data | Updated annually
The dataset provides historical federal debt totals and allows comparisons across fiscal years.
Monthly Treasury Statement
| U.S. Department of the Treasury | Fiscal Data | Updated monthly
The Monthly Treasury Statement provides detailed information about federal receipts, outlays, surpluses, and deficits.
Interest Expense and Average Interest Rates
| U.S. Department of the Treasury | Fiscal Data | Updated monthly
Treasury tracks the government’s interest expense and the average interest rates paid on marketable and nonmarketable federal securities.
Federal Spending
| U.S. Department of the Treasury | Fiscal Data | Updated regularly
The guide explains mandatory spending, discretionary spending, net interest, and the relationship between federal spending and deficits.
America’s Finance Guide
| U.S. Department of the Treasury | Fiscal Data | Updated regularly
The resource provides accessible federal data covering spending, revenue, deficits, debt, interest costs, and government financial operations.
Federal Debt and Debt Management
| U.S. Government Accountability Office | GAO | Updated regularly
GAO explains the composition of federal debt, Treasury’s borrowing operations, debt-management risks, and the government’s long-term fiscal outlook.
America’s Fiscal Future
| U.S. Government Accountability Office | GAO | Updated regularly
GAO presents long-term projections and recommendations for addressing the government’s unsustainable fiscal path.
Our National Debt
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | Updated regularly
The overview explains why national debt is rising and how the structural difference between federal spending and revenue produces persistent deficits.
Debt Versus Deficits: What Is the Difference?
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | Updated regularly
The article explains that a deficit is an annual budget shortfall while national debt is the accumulated result of past borrowing.
Debt Fixer
| Committee for a Responsible Federal Budget | CRFB | Updated regularly
The interactive tool allows users to combine tax and spending policies to stabilize or reduce federal debt.
Congressional Budget Office Budget Topics
| Congressional Budget Office | CBO | Updated regularly
The page collects CBO reports on federal deficits, debt, revenues, spending, budget projections, and fiscal policy.
CBO Long-Term Budget Analysis
| Congressional Budget Office | CBO | Updated regularly
The collection contains CBO analyses of long-term debt, Social Security, healthcare spending, interest costs, and federal fiscal sustainability.
CBO Outlook for the Budget and the Economy
| Congressional Budget Office | CBO | Updated regularly
The page provides CBO’s latest baseline projections for federal revenues, spending, deficits, debt, inflation, employment, and economic growth.
National Debt News
| Associated Press | Associated Press | Updated regularly
The topic page collects Associated Press reporting about national debt milestones, federal deficits, the debt ceiling, and fiscal legislation.
Debt and Deficits
| Committee for a Responsible Federal Budget | CRFB | Updated regularly
The collection includes reports and analysis of federal borrowing, debt projections, deficit legislation, fiscal risks, and possible reforms.
Budget and Economic Data
| Congressional Budget Office | CBO | Updated regularly
CBO provides downloadable historical and projected data covering federal revenues, spending, deficits, debt, interest costs, and economic indicators.
Financial Report of the United States Government
| U.S. Department of the Treasury | Bureau of the Fiscal Service | Updated annually
The report presents the government’s financial statements, long-term liabilities, social-insurance obligations, debt, revenues, expenses, and fiscal sustainability.
Financial Report of the U.S. Government: Citizen’s Guide
| U.S. Department of the Treasury | Bureau of the Fiscal Service | Updated annually
The guide summarizes the federal government’s financial condition, operating costs, debt, assets, liabilities, and long-term fiscal challenges.
Treasury Bulletin
| U.S. Department of the Treasury | Bureau of the Fiscal Service | Updated quarterly
The Treasury Bulletin includes detailed statistics on federal receipts, expenditures, debt, financing operations, and ownership of Treasury securities.
Federal Debt Held by the Public
| Federal Reserve Bank of St. Louis | FRED | Updated regularly
The data series tracks the dollar value of federal debt held by investors outside the federal government.
Federal Debt Held by the Public as a Percentage of GDP
| Federal Reserve Bank of St. Louis | FRED | Updated regularly
The series compares publicly held federal debt with the size of the U.S. economy.
Federal Surplus or Deficit
| Federal Reserve Bank of St. Louis | FRED | Updated annually
The historical series shows annual federal budget surpluses and deficits in current dollars.
Federal Surplus or Deficit as a Percentage of GDP
| Federal Reserve Bank of St. Louis | FRED | Updated annually
The data shows the federal budget balance relative to the size of the national economy.
Federal Government Current Expenditures
| Federal Reserve Bank of St. Louis | FRED | Updated quarterly
The series tracks total current expenditures by the federal government.
Federal Government Current Receipts
| Federal Reserve Bank of St. Louis | FRED | Updated quarterly
The series tracks federal tax collections and other current government receipts.
Federal Net Interest Payments
| Federal Reserve Bank of St. Louis | FRED | Updated quarterly
The series records the federal government’s net interest payments on outstanding debt.
Major Foreign Holders of Treasury Securities
| U.S. Department of the Treasury | Treasury International Capital | Updated monthly
The table identifies foreign countries and institutions holding significant quantities of U.S. Treasury securities.
Treasury Financing Operations
| U.S. Department of the Treasury | U.S. Treasury | Updated regularly
Treasury explains how the federal government finances deficits through bills, notes, bonds, and other securities.
Treasury Quarterly Refunding
| U.S. Department of the Treasury | U.S. Treasury | Updated quarterly
Quarterly refunding materials describe Treasury’s borrowing needs, auction plans, debt maturity structure, and market conditions.
Federal Budget Glossary
| Congressional Budget Office | CBO | Updated regularly
CBO defines major federal budget terms, including deficit, debt, outlays, revenues, baseline projections, mandatory spending, and discretionary spending.
The President’s Budget
| Office of Management and Budget | The White House | Updated annually
The president’s budget presents proposed federal spending, taxation, deficits, borrowing, and policy priorities for future fiscal years.
Historical Tables: Budget of the United States Government
| Office of Management and Budget | The White House | Updated annually
The tables provide historical information on federal receipts, spending, deficits, debt, government functions, and economic assumptions.
Joint Committee on Taxation Publications
| Joint Committee on Taxation | U.S. Congress | Updated regularly
The collection contains official estimates of how proposed and enacted tax policies affect federal revenues and budget deficits.
Federal Budget Process
| U.S. Government Accountability Office | GAO | Updated regularly
GAO explains how the president, Congress, agencies, and oversight institutions participate in federal budgeting and fiscal management.
Federal Interest Costs and Fiscal Sustainability
| Peter G. Peterson Foundation | Peter G. Peterson Foundation | Updated regularly
The collection examines interest costs, debt projections, budget imbalances, demographic pressures, and strategies for improving fiscal sustainability.
