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national debt of the united states

White House seeks $1.5 tn defense budget as Iran war drives costs

White House seeks $1.5 tn defense budget as Iran war drives costs

US President Donald Trump on Friday asked lawmakers to approve a massive $1.5 trillion defense budget for 2027, as the United States faces rising costs from its war with Iran and mounting global security commitments. The proposal would lift Pentagon spending by more than 40 percent in a single

GAO again warns Congress about nation's 'unsustainable fiscal path'

(The Center Square) – A federal watchdog warned Congress on Friday about the nation's mounting fiscal dangers, urging lawmakers to address what it called an "unsustainable fiscal path." The Government Accountability Office released a report examining federal debt management, cautioning that the government's long-term

National debt over 4x greater than reported, accounting group says

(The Center Square) – The U.S. Treasury says the national debt is roughly $39 trillion, but a nonpartisan accounting group estimates that the true number is $170.3 trillion. Unlike the Treasury’s calculations, Truth in Accounting included all of the federal government’s unfunded obligations in its debt assessment,

Lawmakers discuss deficit-to-GDP target as ‘starting point’ for fiscal sustainability

(The Center Square) – U.S. House lawmakers Thursday discussed a proposed framework for reducing federal deficits and slowing the growth of the national debt. The federal debt surpassed $39 trillion on March 17 and continues to climb. Over the past year, it has grown by an average of more than

Lawmakers propose bipartisan commission as debt tops $38 trillion

(The Center Square) – A bipartisan group of U.S. senators is seeking to unite Democrats and Republicans in a collaborative effort to talk about the nation's unsustainable debt. The group proposed the Bipartisan Fiscal Commission Act, which would require a report on how the federal government would stabilize

Federal deficit totaled $1 trillion in beginning of FY2026, CBO says

(The Center Square) - The United States federal budget deficit totaled $1 trillion in the first five months of fiscal year 2026, according to the Congressional Budget Office. The latest federal deficit estimate is $142 billion less than the deficit from this time in the previous fiscal year. The CBO saw

U.S. House introduces bill to require national debt transparency

(The Center Square) – Lawmakers introduced a bill to require greater transparency on the national debt and GDP. Reps. Lloyd Smucker, R-Penn., and Jared Golden, D-Maine, introduced the Debt-to-GDP Transparency and Stabilization Act on Wednesday. The legislation would require the president to submit reports in his annual