(Arlington, Va. – October 1, 2026) – The federal government begins a new fiscal year today with the national debt above $40 trillion and continued warnings about the long-term consequences of large deficits and growing interest costs.
“The calendar has changed, but our fiscal trajectory has not,” said Carolyn Bourdeaux, executive director of Concord Action and the Concord Coalition. “We enter a new fiscal year with more than $40 trillion in debt, persistent deficits and growing interest costs. Just yesterday, the U.S. 10-year Treasury yield rose above 5.30%, reaching a 24-year high and eclipsing its 2007 peak. A new fiscal year should be an opportunity for policymakers to change course and begin addressing the difficult choices necessary to put the federal budget on a more sustainable path.”
The Congressional Budget Office (CBO) estimated that the federal deficit totaled approximately $2.0 trillion through the first 11 months of fiscal year 2026, more than the original estimate of the deficit for the entire fiscal year.
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