CBO projects federal debt will hit record 120% of GDP by 2036

The Congressional Budget Office released its February 2026 Budget and Economic Outlook on February 11, 2026, projecting that federal debt held by the public will rise from 101% of GDP in 2026 to 120% by 2036 — surpassing the prior record of 106% set in 1946. Annual deficits are projected to grow from under $2 trillion to over $3 trillion by 2036, totaling $24.4 trillion over the decade. Annual interest costs alone are projected to double from $970 billion to $2.1 trillion by 2036.