US Headed for Record Debt Burden by 2028

Publicly Held Debt as a Share of GDP, Fiscal Years 1940 to 2034

Note: Tax Foundation projections include dynamic effects on revenue, GDP, and other variables.
Source: US Office of Management and Budget, "Historical Tables"; Congressional Budget Office, "The Budget and Economic Outlook: 2025 to 2035," January 2025; Tax Foundation General Equilibrium Model, November 2025.
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