US federal spending outpaced tax revenue by 92% vs 65% over a decade
As seen on the 24/7 Wall St. homepage on October 18, 2026.
A $2 trillion annual gap means relentless Treasury issuance, and bond buyers set the clearing price for every risk asset you own.
Over the last 10 years, US Federal Government Tax Revenue has increased 65% to $5.4 Trillion while Government Spending has increased 92% to $7.4 Trillion. The result: a more than doubling of the US National Debt from $19.8 trillion to $40.4 trillion. https://t.co/pLU1z4sQEg
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Federal spending grew 92% over the past decade while tax revenue grew 65%, and that gap is the engine behind a national debt that went from $19.8 trillion to $40.4 trillion. Financing it means continuous Treasury issuance, which pressures bond prices and pushes yields higher.
Rising yields set the discount rate for every other asset class, so equities, real estate, and credit all reprice with them.
An investor treating the debt trajectory as someone else's problem is ignoring what sets the clearing price for their own portfolio.
Nothing in the current trajectory suggests that gap between receipts and commitments is closing.