The U.S. budget deficit is ballooning, reaching $2 trillion this fiscal year, according to the latest figures. That's the largest deficit since 2021, when the U.S. was climbing out of the pandemic recession.

The deficit is being driven in part by the cost of servicing the nation's enormous debt. Interest rates are rising due, in part, to the inflationary impact of the Iran war.

The data comes from the Office of Management and Budget via Fred and the U.S. Treasury.