GAO Finds Fiscal Service Debt Schedules Reliable for FY 2026

The Government Accountability Office concluded that the Bureau of the Fiscal Service's Schedules of Federal Debt for fiscal years 2026 and 2025 are fairly presented in all material respects and that internal control over financial reporting was effective as of September 30 2026. GAO's tests of selected provisions of applicable laws, regulations, contracts, and grant agreements disclosed no instances of reportable noncompliance for fiscal year 2026.

The schedules show total federal debt of $40.2 trillion and interest costs of $1.4 trillion as of September 30 2026. Over the ten-year period from fiscal year 2016 through fiscal year 2026, debt rose about 105 percent from $19.6 trillion to $40.2 trillion. In fiscal year 2026, debt increased by about $2.5 trillion, including about $2.1 trillion of debt held by the public. The fiscal year 2026 budget deficit was about $2.0 trillion, up from about $1.8 trillion in fiscal year 2025, and interest expense on debt held by the public grew from about $392 billion in fiscal year 2021 to about $1.1 trillion in fiscal year 2026.

GAO notes that on October 1 2026 debt subject to the debt limit surpassed $40 trillion and is approaching the $41.1 trillion limit, prompting the need for extraordinary measures unless Congress acts. The agency continues to recommend that Congress and the administration develop a strategy linking debt-limit decisions with spending and revenue choices.

Fiscal Service concurred with GAO's conclusions in its comments on the draft report.