On March 18, 2026, the U.S. national debt crossed $39 trillion, nearly doubling from the $19.9 trillion when Trump first took office in January 2017. The milestone came roughly two weeks before the ten-year anniversary of Trump's 2016 campaign promise to eliminate the national debt within eight years. Instead, it doubled.
The latest trillion was added in less than five months, accelerated by the Iran war, Trump's tax cuts ($1.9 trillion added over 10 years), defense spending, and immigration enforcement. The Congressional Budget Office projects the federal deficit will reach $1.9 trillion in fiscal year 2026 and swell to $3.1 trillion by 2036.
Net interest payments on the debt are projected to exceed $1 trillion in fiscal year 2026 — nearly triple the $345 billion paid in 2020. The Trump administration is simultaneously weighing additional capital gains tax cuts that could add hundreds of billions more.