US national debt, currently near $40 trillion, continues to climb amid persistent budget deficits projected by the Congressional Budget Office at $1.9 trillion for fiscal 2026 and rising thereafter. Key drivers include mandatory spending on Social Security, Medicare, and Medicaid amid an aging population, elevated net interest costs exceeding $1 trillion annually, and the net fiscal effects of the 2025 reconciliation legislation that raised the debt limit by $5 trillion while adding to long-term deficits. No major spending reductions or revenue measures sufficient to produce a surplus have advanced recently, and projections show debt held by the public increasing as a share of GDP through at least 2036. Debt-limit negotiations are expected to resurface in 2027, but near-term trajectory remains upward absent new fiscal policy shifts.