Report: America’s $38 Trillion Debt Demands Bipartisan Action

17 February 2026 | Press Release

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CED Calls for a Fiscal Commission to Address Debt Crisis

With the US national debt now exceeding $38 trillion and projected to rise sharply in the coming decades, the nation faces a mounting fiscal crisis that threatens economic growth, retirement security, and the nation’s global leadership.

A new report from the Committee for Economic Development (CED), the public policy center of The Conference Board, calls on Congress to establish a bipartisan fiscal commission composed of Members of Congress to develop comprehensive recommendations to stabilize the nation’s finances, improve the debt-to-GDP ratio, and secure the long-term solvency of Social Security and Medicare.

“America’s debt trajectory is unsustainable, and the costs of inaction are rising,” said David K. Young, President of CED. “A bipartisan fiscal commission offers a credible, structured path forward—one that brings lawmakers together to make difficult but necessary choices, restores confidence in our fiscal outlook, and preserves economic opportunity for future generations.”

By the Numbers

$38 trillion: Current US national debt, after rising by more than $2 trillion in 2025 alone.
$1.8 trillion: Federal budget deficit in FY2025.
100% of GDP: Debt held by the public is already equal to the size of the entire US economy and projected to rise further.
Within 7 years: Projected insolvency timeline for the Social Security and Medicare Trust Funds without reform.
87% of business leaders and 68% of voters: Support a bipartisan fiscal commission to address the national debt.

Policy Recommendations

In establishing a bipartisan fiscal commission, policymakers should consider the following:

The commission should embrace its work in a spirit of collaboration.

The commission should have three strategic objectives: improve the Federal government’s long-term fiscal condition, reduce the medium-term debt-to-GDP ratio to a more sustainable level, and address the long-term solvency of the Social Security and Medicare Trust Funds.

Leaders from both parties in Congress should select current Members of Congress and Senators to be voting members. The commission should have two co-chairs, one from each political party. Outside experts should also be included, possibly as nonvoting members.

A bipartisan majority of commission members should be required to support the final recommendations, which Congress should consider under strict timelines and commitments for a vote in each chamber. To the degree the Constitution permits, Congress should also adopt strong enforcement mechanisms for future fiscal decisions to preserve the improved fiscal outlook after enactment.

The commission must also conduct a public education campaign to inform Americans of our current fiscal crisis and gather suggestions for reforms, which is crucial to build the political will necessary to secure passage of the commission’s recommendations.

The commission should finish its work and release a report within one term in Congress. The commission should also adopt procedures for transparency and oversight while maintaining confidential deliberations among members.

Sources: The Budget and Economic Outlook: 2025 to 2035, Congressional Budget Office, January 2025; The Conference Board, 2026.

About The Conference Board

The Conference Board is the member-driven think tank that delivers Trusted Insights for What’s Ahead^®®. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. TCB.org

The Committee for Economic Development (CED) is the public policy center of The Conference Board. The nonprofit, nonpartisan, business-led organization delivers well-researched analysis and reasoned solutions in the nation’s interest. CED Trustees are chief executive officers and key executives of leading US companies who bring their unique experience to address today’s pressing policy issues. Collectively, they represent 30+ industries and over 4 million employees. TCB.org/us/Committee-Economic-Development