US national debt and federal spending debate 2026
One page that accretes the verified record as the story develops. Every fact keeps its date and its sources.
Federal debt hits $40 trillion
By the mid-2030s, the U.S. will have to pay more than $2 trillion in interest payments each year to finance the federal debt.
During George W. Bush's two terms, the federal debt increased by $4.9 trillion, an 85% increase.
The U.S. is currently paying approximately $1 trillion per year in interest on the federal debt.
U.S. debt surpasses $40 trillion
Total U.S. public debt exceeds 124% of GDP.
The U.S. recorded a $1.8 trillion deficit in 2025.
U.S. total public debt outstanding exceeded $40 trillion for the first time in history.
Concern over US debt level under Trump Treasury
Scott Bessent said AI-led growth will bring the US deficit down to 3% of GDP.
The US federal deficit is running at roughly 6% of GDP.
US debt recently surpassed $40 trillion.
JPMorgan analysis of Bessent's $4B bond buyback amid U.S. debt reaching $40T
Global debt was 240% of GDP in 2005.
James Sullivan serves as JPMorgan's co-head of global fundamental research.
The Treasury's buyback plan involves soaking up longer-term bonds with high yield rates by issuing shorter-term bonds to pay for it.
“can work for a while, but eventually the mismatch starts to become more obvious.”
Paul Krugman analysis on debt and tax cuts
Krugman says Republicans will deny there is a debt problem as long as they hold the White House.
Many others blame either reckless public spending or the fiscal burden of an aging population for the debt.
Federal debt is now bigger than the U.S. economy.
Al Jazeera Investigates Impact of DOGE Federal Spending Cuts on Food Safety
The United States has recorded more than 160 food recalls this year.
A single major Cyclospora outbreak has sickened nearly 11,000 people and caused two deaths.
Fox News Publishes Opinion Article on US National Debt Levels
Social Security and Medicare have roughly $86 trillion in unfunded obligations.
Scottish judge and historian Alexander Tytler lived from 1747 to 1813.
Current baseline projections estimate United States debt will reach $64 trillion within a decade.
Concerns Raised Over Treasury Secretary Scott Bessent's Debt Buyback Proposal
“As such, we are becoming less convinced that the dollar will rebound as far as our current forecasts imply over the coming months, even if we are right that the US economy will pick up more momentum over the coming months.”
Gold Prices Rebound Amid US Debt Concerns and Weakening Dollar
The U.S. Treasury Department announced plans to at least double liquidity-support buybacks of 10- to 30-year government debt.
In early trading on Friday, gold futures climbed 1.67% to reach $4,647.70, while spot gold rose 1.55% to $4,588.08.
The World Gold Council's June survey reported that 89% of central bank respondents anticipate global central bank gold reserves will rise over the next year.
“On balance, gold has to weigh up the headwinds of high, and likely continued rising, Treasury yields against the tailwinds of a weaker dollar — and don't forget the Gulf. Much of this already priced in and gold may now need yet another breather.”
United States National Debt Surpasses $40 Trillion
During Joe Biden's presidency, the national debt increased by $8.45 trillion.
The U.S. national debt reached $40.05 trillion as of the close of business on Tuesday, up from approximately $5.8 trillion in 2000.
The national debt stood at about $36.2 trillion when Donald Trump took office in January 2025.
US National Debt Surpasses $40 Trillion
The US national debt has officially surpassed $40 trillion for the first time in history.
Live blog: Democrats outraged over $40tn national debt and other headlines
“the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY.”
Bessent says US budget deficit under Trump has likely peaked
Treasury Secretary Scott Bessent said there is a "very good chance" that the U.S. budget deficit under President Donald Trump has likely peaked.
The monthly U.S. budget deficit topped $432 billion in July.
Bessent said the U.S. can grow its way out of the $40 trillion debt.
“We can grow our way out of that.”
Analysis: $40tn cost of Republicans' spending cut promises
“Well, you know, we can lecture our children about extravagance until we run out of voice and breath. Or we can cure their extravagance by simply reducing their allowance.”
US national debt reaches $40 trillion
US gross national debt tops $40 trillion for first time
The $40 trillion figure amounts to about $117,000 in debt per person in the US.
Total debt growth across Trump's two terms so far is $11.6 trillion.
The 2025 fiscal-year budget marked the first time debt service costs exceeded Pentagon funding.
“$40 trillion of debt doesn’t exist solely on the government’s ledgers; it is felt throughout the economy and finds its way to the pocketbooks of people one way or another. The more we borrow, the more we exacerbate inflation, squeeze out other priorities in the budget, and leave ourselves vulnerable to emergencies at home and turmoil abroad.”