The US gross national debt crossed $40 trillion in August 2026 amid ongoing annual deficits near $1.9 trillion, with the first 10 months of FY2026 showing $1.8 trillion in new borrowing. Congressional Budget Office and GAO baselines project steady growth in debt held by the public through at least 2036, driven by mandatory spending on entitlement programs, rising net interest costs, and primary deficits that persist under current revenue and outlay policies. The statutory debt limit stands at $41.1 trillion following the 2025 reconciliation increase, with headroom projected to run out around mid-2027. No major deficit-reduction legislation or spending caps have taken effect to alter the upward path before 2027, while post-midterm lame-duck negotiations and any FY2027 budget resolution remain the primary near-term variables.