US gross federal debt reached roughly $40.05 trillion by mid-August 2026, while public debt separately surpassed $40 trillion, prompting warnings about fiscal sustainability but differing assessments of whether a crisis is imminent. Richmond Fed President and CEO Tom Barkin said weaker investor demand for Treasurys could raise government borrowing costs, intensify competition for capital and complicate the Federal Reserve’s employment and price-stability mandates. At a Shinhan Financial Group wealth-management forum, Shinhan Premier Pathfinder head Oh Gun-young said higher debt alone does not constitute a crisis, noting that Japan and China would also face losses if the United States faltered. Barkin cited 2.5% average annual real GDP growth since 2023, 4.1% unemployment in July and 9.5% annualized private nonresidential investment growth in the first half of 2026. The debt-to-GDP ratio reached about 124%, public debt approached 100% of GDP, annual deficits were projected above $1.8 trillion to $2 trillion, and 30-year Treasury yields moved toward 5.3%. Oh said artificial-intelligence-driven productivity gains could support growth and price stability without requiring further rate increases.