- The U.S. federal debt reached $39 trillion in March, rising $2 trillion in seven months amid its campaign against Iran.
- The Brookings Institution projects a long-term debt-to-GDP ratio of 172%, with deficits increased by legislation and economic factors.
The United States of America hit $39 trillion in federal debt in March after launching its campaign against Iran, an increase of $2 trillion in the last seven months.
Michael Peterson, chair and CEO of the nonprofit Peter G. Peterson Foundation, told AP News that the federal debt would likely hit $40 trillion by the election as Americans face pain at the pump. The war with Iran has already cost $12 billion, according to a White House advisor.
The Brookings Institution said its new projections show a higher debt and deficit compared to last year’s estimates. According to the institute, the long-term fiscal outlook has deteriorated, but that’s a 30-year outlook showing the debt-to-GDP ratio reaching 172%.
The Congressional Budget Office and the Brookings Institution both point to a higher deficit coming from the One Big Beautiful Bill and barring macro-economic trends.