The U.S. Treasury will likely have borrowed more than $2 trillion by the end of the fiscal year, according to the latest estimates out of the Executive Office of the president—a figure described as “beyond scary” by budget hawks.
Yesterday, the department headed by Scott Bessent released its latest Quarterly Refunding Documents, which communicate any changes in debt management policy, as well as financing estimates from Treasury and bond market participants. The documents also share bond issuance plans.
The presentation showed that as of April 2026, the Office of Management and Budget (OMB) expected the 2026 fiscal year to run at a deficit of $2.06 trillion, higher than estimates from the Congressional Budget Office (CBO).
The federal fiscal year will end on September 30, with the OMB projecting a deficit of $2.17 trillion for FY2027.
