Persistent large federal deficits, driven by mandatory spending on entitlements like Social Security and Medicare plus rising net interest costs, continue to push US gross debt higher, with the total exceeding $40 trillion in August 2026 and debt held by the public near 100% of GDP. Congressional Budget Office and GAO baselines project ongoing annual borrowing of roughly $1.8–2 trillion through at least 2027 and debt-to-GDP climbing to 108% by 2030 and 120% by 2036 under current law and recent policies including tariff revenues and the 2025 reconciliation legislation. No major bipartisan fiscal consolidation has passed to produce surpluses, while scheduled events such as FY2027 appropriations and the anticipated 2027 debt-ceiling deadline offer limited near-term restraint on new borrowing. These factors sustain the trajectory of rising debt through the end of 2026.