美国管理和预算办公室根据美国财政部数据发布：注：2026年的GDP预测值是基于美国联邦预算责任委员会对第三季度经济增长率的推算结果；图表制作：艾米丽·佩克/Axios。最新数据显示，本财政年度美国预算赤字持续扩大，总额已突破2万亿美元。
Office of Management and Budget via Fred U.S. Treasury; Note: 2026 GDP estimated using extrapolated Q3 growth via CFRB; Chart: Emily Peck/Axios The U.S. budget deficit is ballooning, reaching $2 trillion this fiscal year, according to the latest figures. Why it matters:
为何此事值得关注：这一数值为2021年以来最高水平。当时美国正努力从疫情引发的经济衰退中复苏。
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 at a time when interest rates are rising due, in part, to the inflationary impact of the Iran war.
- 当前赤字规模扩大的部分原因在于国家巨额债务的利息支出不断增加。由于伊朗战争引发通胀压力，美国利率水平也持续走高。
具体数据如下：根据美国财政部数据，在截至9月30日的2026财政年度，联邦政府为偿还各类国债及债券利息共支出1.052万亿美元。
By the numbers: The federal government paid out $1.052 trillion in net interest on its outstanding debt — all those Treasury notes and bonds we keep writing about — for the 2026 fiscal year, which ended Sept. 30, according to the Treasury data.
- 这一数额甚至超过了国防开支总额，在各项财政支出中位列第三，仅次于社会保障支出（1.67万亿美元）和医疗保险支出（1.07万亿美元）。
• That's more than what was spent on defense, and was the country's third-biggest outlay after Social Security ($1.67 trillion) and Medicare ($1.07 trillion). Stunning stat:
惊人数据：据美国联邦预算责任委员会估算，2026年联邦政府利息支出预计将占GDP的3.3%，这一比例将创下历史新高。
Federal net interest costs in 2026 are estimated at 3.3% of GDP, which would be a record high, according to an estimate from the Committee for a Responsible Federal Budget.
深层影响：这一数字正是美国自2021年通胀率开始攀升以来长期以高利率举债所付出的代价，也标志着一种新的经济常态。
Between the lines: This is the price tag for years of borrowing at much higher interest rates a sort of new normal since inflation started rising in 2021.
- 不断上涨的利息支出进一步推高预算赤字，迫使政府增加借贷，给联邦财政带来更大压力。
• Rising interest costs add to the deficit, driving still more borrowing and putting additional pressure on the federal budget.
历史参照：上一次利息支出规模接近当前水平时，正值老布什总统执政时期。
The intrigue: The last time interest costs approached these levels was when President George H.W.
- 当时政府推动通过了跨党派减赤方案，实施了增税措施，这直接违背了老布什“绝不加税”的公开承诺，也被视为其未能连任的重要原因之一。
Bush was in office. • At the time, the administration negotiated a bipartisan deficit reduction package that raised taxes, breaking President Bush's infamous "Read my lips, no new taxes" pledge and arguably led to him losing re-election.
- 不过在20世纪90年代，克林顿政府与国会通力合作，通过增税与削减开支成功实现了预算平衡。
• Still, in the 1990s, the Clinton administration and Congress worked to balance the budget through tax increases and spending cuts. What to
两党对这类工作都缺乏兴趣，但所谓的“债券市场监察者”仍可能施压推动此事。
There's little appetite for that kind of work from either party, but the so-called bond vigilantes might still press for it.