U.S. Budget Deficit Swells to $366.8 Billion in November

According to a report released by the Treasury Department on Wednesday, the U.S. budget deficit experienced a significant increase in November. The deficit reached $366.8 billion, a 17% rise compared to November 2023. This increase has led to a more than 64% rise in the deficit for the first two months of the fiscal year compared to the same period last year, without accounting for adjustments.

Although the Treasury collected approximately $27 billion more in revenue for November, bringing total revenues to $301.8 billion, the deficit widened due to a substantial increase in government spending. Spending for the month amounted to $668.5 billion, approximately $80 billion higher than the expenditures recorded in November of the previous year.

This widening deficit contributed to a new record high for the national debt, which reached $36.1 trillion at the end of November. When adjusted figures are considered, the monthly deficit stood at $286 billion, bringing the total deficit for the fiscal year to date to $544 billion, reflecting a 19% increase compared to the same period last year.