Persistent structural deficits, driven by mandatory spending on entitlements, rising net interest costs exceeding $1 trillion annually, and revenue shortfalls, continue to push total US gross federal debt above $40 trillion as of August 2026. CBO projections show the FY2026 deficit near $1.9–2.1 trillion, with debt held by the public rising steadily as a share of GDP through 2027 and beyond, absent major policy shifts. The 2025 reconciliation legislation set the debt limit at $41.1 trillion, with estimates pointing to a breach in late 2026 or 2027. Fiscal deadlines including the September 30, 2026, end of the fiscal year and expiring authorizations add near-term pressure, but current trajectories and baseline assumptions indicate continued net borrowing rather than a peak before 2027.