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Recent Debt Growth: The U.S. national debt surpassed $39 trillion in March 2026, adding roughly $1 trillion in 5 months.

March 20, 2026 - This report summarizes CBO's estimates of the effects on direct spending and revenues of authorizing legislation enacted during the first session of the 119th Congress. The first session ran from January 3, 2025, to January 3, 2026. In keeping with long-standing practice, this report and its associated tables also incorporate the estimated effects on revenues of provisions in most of the appropriation legislation enacted during that period.

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As estimated by CBO and staff of the Joint Committee on Taxation, the effects of those laws on direct spending and revenues will increase the cumulative deficit by $3.5 trillion over the 2025–2034 period. That increase in the deficit is the net result of a $1.1 trillion reduction in outlays and a $4.6 trillion decrease in revenues. That total does not include the increase in interest costs associated with financing the larger deficit.

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