The U.S. federal budget deficit jumped 26% in November from a year earlier to $314 billion, a record for the month and the highest since March, the Treasury Department said on Tuesday, driven by sharply higher interest costs and other outlays.

Federal revenues in November rose $23 billion to $275 billion, a 9% increase from a year earlier.

Outlays jumped $88 billion to $589 billion, 18% higher than a year earlier. Interest payments on U.S. government debt accounted for $25 billion of the increase.

The outlay for interest on the debt in November, at $80 billion, surpassed the $66 billion outlay for national defense, which was up $8 billion from a year earlier. The outlay for the government-run Medicare health insurance program also rose by $8 billion, to $93 billion, while the outlay for the government-run Medicaid program for the poor and disabled climbed $2 billion to $50 billion.

TFW your interest payments approach medicare spending

The weighted average interest rate on the $26 trillion of outstanding Treasury securities rose to 3.10% last month from 2.22% in November of last year.

Seems nice in pflp-octoplushie sense, if fed won’t drop interest rates in the next year, libertarian bugbear about deficits will come closer to fruition