America’s national debt is heading to 175% of GDP. Here’s why no president—including Trump—has the will to stop it

On April 3, 2026, President Trump released his proposed Fiscal 2027 Budget. It was two months late. Strikingly, Trump proposed to increase defense spending by over 40% and cut non-defense discretionary spending by about 10%. Yet, even after slashing everything from environmental protection and scientific research to housing and small-business support, government spending will surge, the deficit will balloon, and the ratio of debt held by the public to GDP will climb to peacetime highs and remain above 100%.

Overall, the Trump administration’s proposed budget is an extension of what has become, particularly during the last three administrations, fiscal folly. Indeed, tax policy has become shambolic and spending discipline is non-existent. The numbers make clear that no relief is in sight.

The Congressional Budget Office (CBO) projects where we are and where we are likely to be headed, with government metrics expressed as percentages of the total value of goods and services produced (GDP).

Before viewing the CBO’s metrics, it is worth stressing that we don’t want to engage in quibbles about the veracity of the CBO’s metrics and forecasts. As it turns out, the CBO’s macro forecasts tend to be more accurate than the Administration’s budget........

© Fortune