A new national survey released Thursday by the Peter G. Peterson Foundation found that 92% of registered voters are concerned that the national debt is fueling inflation and driving up their personal cost of living, including prices for groceries, energy, housing, and transportation. The figure includes 94% of Democrats, 92% of independents, and 89% of Republicans — a degree of bipartisan alignment rarely seen in today’s fractured political environment.

“The rising national debt has effectively become a kitchen table issue for Americans because it contributes to rising costs across the economy, from grocery bills to car payments,” said Michael A. Peterson, CEO of the Peterson Foundation. “Voters across party lines are looking for leadership and solutions on the debt, because they understand it’s a critical issue for the nation’s economy and their own personal finances.”

“Once again, America has hit an alarming fiscal milestone that highlights our dangerous and unsustainable outlook,” Peterson said in a statement to Fortune. “The national debt is now as large as our entire economy, which should serve as both a disturbing warning and a call to action.”

Peterson warned that the country will soon eclipse the all-time high of debt to GDP, set just after World War II, but “the critical difference between 1946 and 2026 is that today’s deficits are not caused by a war, but by a structural, growing mismatch between spending and revenue.”

The survey arrives alongside a new reading of the U.S. Fiscal Confidence Index, which fell to 42 in April — a 22-month low, and down from 43 in March and 48 in February. The index, scored on a 0-to-200 scale with 100 as a neutral midpoint, measures public sentiment across three dimensions: concern about the debt’s trajectory, the priority voters assign to addressing it, and expectations for future progress. April’s sub-scores — 37 for concern, 22 for priority, and 67 for expectations — paint a picture of an electorate that is deeply worried and increasingly impatient.

Defining issue for elections

The concern extends beyond deficits in the abstract. Eighty-eight percent of voters said they are worried the debt is contributing to higher borrowing costs — including credit card interest rates, car loans, and mortgage rates — up from 86% the prior month. As the Federal Reserve has navigated a prolonged high-rate environment, many Americans have felt the squeeze in their monthly budgets, and the survey suggests they are connecting those pressures directly to Washington’s fiscal choices.

That frustration is translating into electoral calculus. Ninety-four percent of respondents said they are more likely to support a candidate who has a concrete plan to address the debt — including 96% of Republicans, 94% of independents, and 93% of Democrats. Perhaps more striking: 74% of voters said they would consider supporting a candidate from a party they don’t usually back, if that candidate had a credible fiscal plan. That number includes 65% of Democrats, 75% of Republicans, and 86% of independents.

Looming over the debate is a hard deadline. Ninety-seven percent of voters said candidates should clearly explain their plan to prevent an automatic 23% annual cut to Social Security benefits — cuts that would be triggered in 2032 if Congress fails to act. That deadline would fall within the Senate terms of whoever wins the election this November, giving the issue immediate political stakes.

More than seven in 10 voters said they want to hear more from candidates on the debt and its impact on their cost of living than they have heard in the past month. Eighty-one percent agreed that addressing the debt should be a top-three priority for the president and Congress — including 75% of Democrats, 79% of independents, and 87% of Republicans.

American families and businesses are feeling the pain of our growing debt because the debt puts upward pressure on inflation and interest costs, Peterson told Fortune. “Affordability is a key issue this election season, and strong majorities of voters are ready to support candidates across party lines who have a plan to put our nation on a sustainable path.”

“Despite this latest unfortunate fiscal milestone,” Peterson added, “there are many solutions available to improve affordability and build a brighter future.”

The survey was conducted April 20–22 among 1,000 registered voters nationwide by Democratic firm Global Strategy Group and Republican firm North Star Opinion Research. It carries a margin of error of ±3.1 percentage points.

For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.