The U.S. national debt has surpassed $40 trillion, while the federal budget deficit for fiscal 2026 reached nearly $2 trillion. CNBC's Matt Peterson and Alex Harring break down what's driving America's growing debt, how rising Treasury yields and interest payments could affect mortgage rates and the broader economy, and whether AI-driven economic growth or action in Washington could help address the country's fiscal challenges.
Chapters:
0:00 Introduction
1:09 What's driving the deficit?
2:24 Cost to Americans
3:35 Economic growth
5:06 The midterms
Produced and Shot by: Charlotte Morabito
Reporters: Matt Peterson, Alex Harring
Edited by: Andrea Miller
Animation: Jason Reginato, Emily Park
Senior Managing Producer: Shawn Baldwin
Additional Footage: Getty Images
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Why The Midterms May Not Change America’s $40 Trillion Debt
Chapters:
0:00 Introduction
1:09 What's driving the deficit?
2:24 Cost to Americans
3:35 Economic growth
5:06 The midterms
Produced and Shot by: Charlotte Morabito
Reporters: Matt Peterson, Alex Harring
Edited by: Andrea Miller
Animation: Jason Reginato, Emily Park
Senior Managing Producer: Shawn Baldwin
Additional Footage: Getty Images
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Want to get ahead at work? Then you need to learn how to make effective small talk. In CNBC’s new online course, How To Talk To People At Work, expert instructors teach you how to use everyday conversation to gain visibility, build meaningful relationships and advance your career. Sign up now: https://cnb.cx/4sGlSkh
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC on Threads: https://cnb.cx/threads
Follow CNBC News on X: https://cnb.cx/FollowCNBC
Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC
#cnbc
Why The Midterms May Not Change America’s $40 Trillion Debt