What the federal budget says about America

Published May 19, 2026 9:00am ET



The federal budget is on an unsustainable path. Annual deficits are close to $2 trillion, and the federal debt will reach 120% of GDP by 2036. These top-line numbers should make you worried, but even they don’t fully capture how broken the budget really is.

Budgets are more than just lists of spending and revenue. As the old adage goes (and a favorite saying of former President Joe Biden), show us your budget, and we will show you your values. What we spend money on and how we spend it says a lot about who we are. So, what does the federal budget say about America?

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