U.S. national debt tops $38 trillion as lawmakers face growing fiscal challenge

National debt crisis continues in 2026

As the new year begins, our national debt crisis is escalating. Federal lawmakers who promised to shrink it have expanded the national debt instead. FOX 13's Craig Patrick reports. 

TAMPA, Fla. - When Donald Trump ran for president in 2016, he promised to pay down the national debt within eight years. Instead, the debt rose from around $19 trillion before his election to more than $27 trillion during his first term.

Under former President Joe Biden, the debt grew further to roughly $36 trillion, and nearly a year into Trump’s second term, it has topped $38 trillion.

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Trump’s "Big Beautiful Bill" reduced some spending but also extended and added tax cuts, which the Congressional Budget Office projects will increase the deficit by $3.4 trillion over the next decade. 

Some supporters argue the bill helps restore fiscal control, while critics say it worsens the debt problem.

What they're saying:

Representative Steve Scalise defended the Big Beautiful Bill, saying: "This bill really delivers on the rest of those promises to get this country back on track, to bring hope back to people who want to control their own destiny."

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Illinois Treasurer Mike Frerichs criticized the plan: "They should check their math. If they’re really interested in fiscal responsibility, they wouldn’t be adding more than $3.4 trillion to the national debt."

Representative Thomas Massie added: "These guys aren’t serious about cutting spending. They never were."

Why you should care:

Rising debt levels have long-term consequences. 

A growing national debt could directly impact Americans through higher interest rates, higher taxes, reduced government services, inflation and diminished savings. Decisions made by Congress and the president in the next few years will shape the economic outlook for households and the nation.

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What's next:

Lawmakers will need to consider spending cuts, tax adjustments or other fiscal measures to control the debt. Economic growth or tariffs could offset some deficit increases. 

The coming midterm elections will influence how aggressively Congress addresses the problem.