The United States is on course to borrow more than $2 trillion in a single fiscal year, and those responsible for managing it are running out of polite language. New figures released by the US Treasury on 7 May 2026, in its quarterly refunding presentation to the Treasury Borrowing Advisory Committee (TBAC), show the Office of Management and Budget (OMB) now projects the current fiscal year deficit at $2.06 trillion.
That is more than $166 billion in new debt every month. The projection is higher than the Congressional Budget Office's February estimate of $1.9 trillion, drawing an urgent response from economists and geopolitical strategists who see in the figures something far larger than a fiscal problem.
