The U.S. federal government closed fiscal year 2026 with a deficit of nearly $2 trillion, according to the Congressional Budget Office, a level surpassed only by the pandemic years of 2020 and 2021. Revenue rose 3% to more than $5.4 trillion, but spending climbed 6% to $7.4 trillion, with interest on the debt up 11% to exceed $1.1 trillion. The author argues that even the $130 billion in tariffs struck down by the Supreme Court would cover less than a tenth of the gap, and warns that debt could reach 120% of GDP in a few years, as in France. He recommends controlling debt as part of an affordability agenda, citing Social Security benefits set to be cut by roughly 20% when its trust fund runs dry in the early 2030s, and Medicaid reforms such as per-capita caps.
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