The government is set to borrow more than $2 trillion in 2026
Gross US government debt climbed to a record $40.047 trillion on Tuesday, up from $19.4 trillion a decade ago, Treasury data showed.
The red line was driven by years of escalating budget deficits and massive COVID-19 stimulus funding.
Interest on the national debt has reached nearly $1.2 trillion this year, making it the federal government’s largest expense after Social Security and Medicare.
Meanwhile, the government is set to borrow more than $2 trillion in 2026, according to The New York Times. Its spending would include the ongoing conflict with Iran and tax cuts enacted in 2025.