OMB Sees FY2026 Deficit at $2.06T, Putting U.S. Treasury Borrowing Above $2T

The U.S. Treasury is projected to borrow more than $2 trillion in FY2026 as the Office of Management and Budget estimates a $2.06 trillion federal deficit. That pace implies over $166 billion of new borrowing per month, while the Congressional Budget Office pegs the same-year deficit at $1.85 trillion. Treasury interest costs also remain elevated, with nearly $530 billion paid from Oct 2025 through Mar 2026, alongside a reported national debt of $38.91 trillion as of May 2026.