Fiscal year 2026 ended on Sept 30. the Congressional Budget Office has estimated that the deficit for fiscal 2026 will be $2.0 trillion when it is reported in January or February. That is the largest deficit since $2.8T in fiscal 2021. The intervening years were $1.4, $1.7, $1.7 and $1.8T.
Meanwhile, national debt is now $40.3T and interest rates on that debt are creeping up.
Congress needs to drastically cut spending, that’s the only way to make a significant dent in our debt. Both sides are at fault.
As a retiree that’s the one bit of news I like in your post. As a taxpayer, all the rest is crummy, but no surprise.
I remember in junior high, our teacher told us that we had a national debt (not deficit) of $1T. But, it was OK, he said, because other countries owed us about $2T.
Good times.
There was a report a couple of weeks ago that medium term (5-10 yrs) US Treasuries’ market yield to maturity went over 5% for the first time since 2007. That was shortly followed by a report that demand for US long term (10-30 yrs) Treasuries was meeting resistance at the stated interest rates. That then means that bonds sell below stated value to produce the yield to maturity the market is seeking.