US national debt recently surpassed $39 trillion in March 2026, continuing its upward trajectory at roughly $7-8 billion per day amid persistent federal deficits. The Congressional Budget Office's February 2026 outlook projects a $1.9 trillion FY2026 deficit—5.8% of GDP—pushing debt held by the public to 101% of GDP by year-end and 120% by 2036 under current law, with no enacted fiscal reforms to reverse course. Interest payments have become the second-largest budget item at $270 billion in Q1 FY2026. The debt ceiling stands resolved following prior adjustments, but FY2027 budget negotiations and November 2026 midterm elections could introduce spending or revenue shifts, though baseline projections assume growth in entitlements and defense. Traders weigh these dynamics against historical patterns of rising deficits since the last surplus in 2001.