U.S. national debt crosses $40 trillion as deficits accelerate under the One Big Beautiful Bill Act

The U.S. national debt crosses $40 trillion, reaching the milestone less than five months after crossing $39 trillion in March 2026 — one of the fastest trillion-dollar accumulations outside wartime. CBO projected in February 2026 that the deficit for fiscal year 2026 would reach $1.9 trillion and grow to $3.1 trillion by 2036. Debt held by the public is projected to rise from 101% of GDP in 2026 to 120% of GDP by 2036, surpassing the previous post-World War II record of 106%. The Peterson Foundation estimated debt service costs had already doubled from under $500 billion in 2022 to over $1 trillion in 2026.