Persistent large federal deficits and rising net interest costs continue to drive US national debt higher, with gross debt exceeding $40 trillion by early September 2026 and daily increases averaging more than $7 billion. CBO projections show the deficit near $1.9 trillion for fiscal 2026, or 5.8 percent of GDP, with debt held by the public climbing from 99 percent of GDP at end-2025 toward 120 percent by 2036 under current law. Treasury guidance signals steady note and bond issuance through at least mid-2027, while the debt limit—raised by $5 trillion in 2025—faces renewed pressure potentially by mid-2027. November 2026 midterms and December appropriations negotiations represent near-term fiscal policy inflection points, though baseline trends in entitlements, defense outlays, and interest expenses point to sustained growth absent major legislative changes.