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The Fiscal Security Risk of the National Debt
Americans awoke on Saturday, February 28, 2026, to discover that the United States had launched one of the largest military operations in its history. Operation Epic Fury followed the collapse of diplomatic talks purportedly aimed at ending the Islamic Republic of Iran’s efforts to build nuclear weapons and its 47-year history of aggression against the U.S. and the nations of the Middle East by Iran and its proxy forces. The effort began nearly two months after President Trump first called for a 50% increase in the U.S. defense budget, bringing it to $1.5 trillion. According to the Congressional Budget Office, the U.S. government was already on track to run a $1.9 trillion deficit in fiscal year 2026. [...]