House Looks At Need for Fiscal Commission On $1.97T Deficit

Why it Matters

The federal government's deficit reached $1.97 trillion through August 2026, leaving it just short of the $2 trillion mark with one month remaining in fiscal 2026. The Congressional Budget Office has revised its 2026 deficit projection upward by $0.1 trillion compared to its January 2025 forecast, and projects the cumulative deficit for 2026–2035 will be $1.4 trillion higher than previously estimated.

The House Budget Committee has scheduled a general hearing titled "America's Fiscal Future: Examining The Need For A Fiscal Commission" for September 21.

Broader Context

The federal government's borrowing in fiscal year 2026 has already exceeded the total amount borrowed during all of the previous year, underscoring the accelerating pace of deficit spending.