Fortune: Two months into the new fiscal year and the U.S. government is already spending more than $10 billion a week se

Full title: Two months into the new fiscal year and the U.S. government is already spending more than $10 billion a week servicing national debt

The calendar year may have a few weeks left to tick off, but as far as the government’s budget is concerned, we’re in fiscal 2026. And in a matter of weeks, the Treasury has already paid out a 12-figure sum to service the nation’s debt. Unlike the tax and calendar year, the government’s financial calendar runs to the end of September. According to Treasury data, in the nine weeks since, it has spent $104 billion in interest on its $38 trillion borrowing burden. That’s more than $11 billion a week, and already represents 15% of federal spending in the current fiscal year.

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While money is coming in to help rebalance the books (unless it has already been spent, and more, on tariff rebate cheques), government borrowing doesn’t appear to be slowing. Last week, the Peterson Foundation, which lobbies for responsible fiscal action, published an analysis of the Treasury’s Quarterly Refunding process which shares government borrowing expectations. The foundation wrote that the government’s borrowing will go up, issuing $158 billion more in debt for the first half of this fiscal year compared to the same period a year prior.

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But deficits cast a shadow, on a global scale, over that rosy outlook. The institution wrote: “Many countries face high deficits with limited fiscal and monetary ability. The expected structural shift towards fiscal impulse in 2026 will further widen deficits and heighten concerns around ongoing debt sustainability issues.”

In the U.S., in particular, fiscal risks are on the rise, the bank added: “We expect 2026 deficit to reach 6.7%, with further widening if we see lower tariff revenues or more targeted fiscal stimulus that renews market concerns. Congress is also up against the clock to negotiate on healthcare subsidies and appropriations bills before the stopgap funding again expires on January 30.”

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