America now owes the public more than its economy makes in a year.
Publicly held debt hit $32.2 trillion. New GDP data made the math official on Thursday.
The ratio last hit triple digits in 1946, when the US was paying for World War II.
The yearly deficit was 6.2% of GDP, the biggest since the pandemic spending surge.
Debt service costs hit a record. Interest now beats defense and Medicare spending.
In 2000 the ratio was 33.7% and falling. Then came tax cuts, crises, and an aging population.
Fiscal 2026 had no pandemic, recession, or war. The deficit still neared $2 trillion.
Heavy borrowing pushes rates up. The 30-year mortgage rate recently reached 7.40%.
The program may hit insolvency in 2032, which could trigger automatic benefit cuts.
The CBO projects debt reaching 120% of GDP within a decade if nothing changes.
Economists call a default highly unlikely. But every year at 100% shrinks room for the next crisis.
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