Despite economists' concerns, the US government is accelerating its borrowing. In the first 9 months of fiscal year 2026, which began in October 2025, the US government's budget deficit reached nearly USD 1.4 trillion, exceeding the same period last year.

As of last week, the public debt of the world's largest economy stood at USD 39.4 trillion. This translates to the government borrowing USD 155 billion monthly, equivalent to USD 39 billion per week. The latest report from the Congressional Budget Office (CBO) indicates that net interest on public debt for this fiscal year is currently USD 857 billion, or USD 23.8 billion weekly.

This figure represents an increase of approximately 13% compared to the same period of the previous fiscal year, the CBO stated. This rise is primarily due to increased debt and higher long-term interest rates.

A man counts US dollars at a currency exchange booth in Lebanon. Photo: *Reuters*

Another factor pressuring the government's budget is the growing demand for social security and healthcare programs such as Medicare and Medicaid. Spending on social security benefits increased by USD 62 billion (5%), driven by higher average benefits and more beneficiaries. Concurrently, Medicare spending rose by USD 58 billion (8%) due to increased program participation and higher payments for medical services. Similarly, Medicaid program expenditures also saw an increase of USD 49 billion (10%).

This trend is expected to continue as the US population ages. According to the US Census Bureau (Census Bureau), the median age of Americans increased from 39.2 in 2024 to 39.4 in 2025.

Concerns about the fiscal outlook have prompted many to call for prompt government action. The Committee for a Responsible Federal Budget (CRFB), a budget research organization, has long advocated for the government to control its borrowing.

On Fortune, CRFB President Maya MacGuineas stated: "The fiscal year 2026 deficit currently exceeds the same period in 2025 and is likely to continue through the end of the year. We could borrow USD 2 trillion or more this fiscal year. This is a staggering figure given that the economy is growing and unemployment is low."

She likened the current situation to "just the tip of the iceberg". If policymakers do not reform welfare programs and "ignore the need to cut spending and increase revenue", the trust funds for social security and Medicare will run out in the next 7 years.

The CRFB president advocates setting a deficit target equivalent to only 3% of GDP, which is half the current level. However, more importantly, politicians need to "be frank with the public about the serious risks America faces if it maintains its current unsustainable fiscal trajectory."

Ha Thu (according to Fortune, Reuters)