Ongoing large federal deficits, projected near $2 trillion for fiscal year 2026 and rising thereafter, continue to drive national debt higher under current law. Congressional Budget Office baselines show debt held by the public climbing from roughly 100 percent of GDP in 2026 toward 120 percent by 2036, fueled by mandatory spending on Social Security and Medicare, elevated net interest costs exceeding defense outlays, and revenues lagging outlays. Gross debt surpassed $40 trillion in August 2026, with a continuing resolution funding the government through December 2026 and the next debt-limit breach expected between late winter and mid-summer 2027. No major deficit-reduction legislation or revenue surge has altered the trajectory in recent months, though stronger economic growth or policy shifts in appropriations and reconciliation could influence near-term borrowing.