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In 2025, the United States ran a budget deficit of roughly **** trillion U.S. dollars. This was slightly down from **** trillion U.S. dollars a year earlier. The country has not recorded a surplus since 2001. Some economists believe this fiscal position will become hard to sustain over time. Others argue the U.S. can carry higher debt over the long term, given the size of its economy and the dollar’s role as a global currency.

Debt is getting more costly

To finance these deficits, the United States government borrows from the public, and the cost to maintain this is rising. Interest payments have already climbed above *** trillion U.S. dollars a year, or about ****percent of GDP. That puts interest costs alongside some of the largest items in the federal budget, including defense and Medicare.

A global footprint comes at a price

The United States also spends heavily on its military, which is the largest in the world. In 2025, defense outlays neared*** billion U.S. dollars. Much of this spending is driven by long-term commitments, from maintaining a global network of bases to supporting allies. As geopolitical tensions persist, there is little sign that defense budgets will shrink any time soon, even as they compete with other fiscal priorities. How that balance is managed will shape the country’s fiscal choices in the years ahead.