The cost of servicing the U.S. government debt has surged by $652 billion, marking a 25% increase in the first nine months of the fiscal year. This spike in debt service spending has contributed to a significant rise in the budget deficit. In fact, the federal budget deficit in the nine-month period leading up to June 2023 has reached $1.39 trillion, which is approximately 170% higher compared to the same period last year, as reported by the Treasury Department. Furthermore, according to the Treasury’s data, the weighted average interest rate on total debt outstanding has reached 2.76% by the end of June, the highest level seen since February 2012. This figure reflects a substantial 1.80% increase from the previous year.