While it may not carry some of the connotations that "ballooning" (growing rapidly as if you were inflating a balloon) or "spiraling" (show a continuous and dramatic increase) have, the DRAE includes "sobrecrecer"

> [Sobrecrecer][1]
>
> Exceder en crecimiento o crecer excesivamente.


As an advantage, it is one word.

> [...] la sobrecrecida deuda pública
>
> [...] la **sobrecreciente** deuda pública

  [1]: https://dle.rae.es/sobrecrecer?m=30_2