US debt interest costs skyrocket 87% as new federal fiscal year begins

• Gross interest on Treasury debt securities jumped 87% from a year ago, fresh data showed.
• Interest payments reached $88.9 billion last month, as the government finances higher deficit spending.
• The jump was also boosted by a recent surge in bond market yields.

Interest payments on Treasurys rocketed higher to begin the federal government's new fiscal year amid growing alarms about the sustainability of US debt. 

Gross interest on Treasury debt reached $88.9 billion in October, according to department data published Monday. That's nearly 87% higher than in the same period of 2022, when interest payments amounted to $47.5 billion.