Deficit Surges Amid Rising Debt Costs | Virginia Beach News

The U.S. federal deficit hit a staggering $1.97 trillion in the first 11 months of the fiscal year, pushing national debt to historic levels. While down 5% year-over-year when adjusted for calendar timing, August alone saw a $166.8 billion gap — and September may bring relief with corporate tax payments. Spending rose 3% to $6.81 trillion, revenues climbed 3% to $4.85 trillion, but a massive $1 trillion is now being spent on interest alone — more than defense and second only to Social Security and Medicare. Rising borrowing costs, aging debt, and growing retiree payouts are straining finances further, while tariff refunds and potential new spending proposals like defense boosts and direct citizen payments threaten to deepen the hole.

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