CBO projects $1.4T in additional borrowing through 2035

The Congressional Budget Office released its February 2026 Budget and Economic Outlook on February 11, 2026, projecting that the federal government would borrow $1.4 trillion more between 2026 and 2035 than CBO estimated in January 2025. Policy changes — primarily the One Big Beautiful Bill's tax cuts and the tariff revenue offset — accounted for $2 trillion in additional net borrowing. The federal deficit was projected to reach $1.9 trillion in FY2026 and grow to $2.8 trillion by 2034, with debt as a share of GDP rising from 101% to 120% by 2036.