Persistent large federal deficits continue to drive steady growth in the US national debt, which surpassed $39 trillion in March 2026 and stands near $38.9 trillion as of mid-May amid daily increases of roughly $8 billion. Congressional Budget Office projections show a $1.9 trillion deficit for fiscal year 2026, with debt held by the public already exceeding GDP for the first time since World War II and expected to climb toward 120 percent of GDP by 2036 absent major changes. The debt limit was raised to $41.1 trillion in July 2025, removing near-term constraints, while elevated spending on entitlements, defense, and net interest payments outpaces revenue growth despite steady economic expansion. No significant fiscal reforms, broad spending reductions, or revenue measures have taken effect to alter the trajectory. Key upcoming catalysts include September 2026 deadlines for fiscal year 2027 appropriations and potential further debt-limit negotiations later in the year.