On February 11, 2026, the Congressional Budget Office released projections showing that Trump's policies have added $1.4 trillion to the federal deficit over the next decade, bringing total projected deficits from 2026 to 2035 to $23.1 trillion. The national debt held by the public is projected to rise from 101% of GDP to 120% of GDP—the highest in American history.
The biggest driver is Trump's “One Big Beautiful Bill,” which extended the 2017 tax cuts and slashed social programs like Medicaid. CBO projects this legislation alone will add $4.7 trillion to deficits over the 10-year budget window. Reduced immigration under Trump's policies will add another $500 billion to the deficit by shrinking the labor force and tax base. Tariff revenue partially offsets these costs but comes nowhere close to covering the gap—and those tariff costs are paid by American consumers.
CBO Director Phillip Swagel stated bluntly: “The fiscal trajectory is not sustainable.” The fiscal year 2026 deficit alone is projected at $1.85 trillion, approximately 5.8% of GDP.
This is the same president who campaigned on fiscal responsibility and cutting government spending. Instead, his tax cuts overwhelmingly benefited corporations and the wealthy, his tariffs function as a hidden tax on consumers, and the resulting deficits will burden American families for generations. The party of “fiscal conservatism” has produced the most unsustainable fiscal trajectory in American history.