U.S. borrowed $2 trillion in just 11 months of fiscal 2026, despite record tax revenue.
Interest payments on the national debt jumped 14 percent and now outpace defense spending.
Social Security, Medicare and Medicaid costs kept climbing faster than the economy can sustain.
Corporate tax collections fell sharply while tariff revenue came in well below projections.
Adjusted for payment timing, this year’s deficit is actually running higher than last years.
The math no longer works in Washington. Despite collecting more tax revenue than ever before, the U.S. government has borrowed $2 trillion during the first 11 months of fiscal year 2026, according to a Congressional Budget Office report released September 9. The shortfall is driven by surging interest payments on the national debt, growing entitlement costs for Social Security and Medicare, and the timing of certain federal payments. The Committee for a Responsible Federal Budget (CRFB) warns that delaying action could leave future generations with damage “that can’t be undone.”
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