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U.S. Debt Soars: Urgent Action Needed for Social Security

10/26/2025

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Summary

Story summary

The Committee for a Responsible Federal Budget warns that U.S. debt nears $39 trillion after the debt ceiling was lifted under the GOP's "One Big Beautiful Bill."
CRFB projects a $2 trillion deficit for fiscal year 2026, with debt interest likely to exceed national defense spending.
Erskine Bowles, former co-chair of a fiscal reform committee, urges Congress to act quickly to save Social Security and Medicare before seven-year trust fund depletion.

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Story summary

The Committee for a Responsible Federal Budget warns that U.S. debt nears $39 trillion after the debt ceiling was lifted under the GOP's "One Big Beautiful Bill."
CRFB projects a $2 trillion deficit for fiscal year 2026, with debt interest likely to exceed national defense spending.
Erskine Bowles, former co-chair of a fiscal reform committee, urges Congress to act quickly to save Social Security and Medicare before seven-year trust fund depletion.