U.S. budget deficit widens in November, hits $366.8 billion

The United States faced a significant increase in its budget deficit for November, as reported by the Treasury Department on Wednesday. The deficit reached $366.8 billion, marking a 17% rise compared to November 2023. This upsurge has pushed the fiscal 2025's initial two months to a deficit more than 64% greater than the corresponding period of the previous year, without adjustments.

Despite the Treasury collecting approximately $27 billion more in receipts, totaling $301.8 billion for November, the deficit expanded due to a substantial increase in government spending. Outlays for the month amounted to $668.5 billion, which is nearly $80 billion higher than the outlays recorded in November of the prior year.

This growing deficit has contributed to the national debt reaching a new high of $36.1 trillion as November ended. When considering adjusted figures, the deficit stood at $286 billion for the month, and the cumulative deficit for the fiscal year to date is $544 billion, reflecting a 19% increase from the previous year's figures for the same timeframe.

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Source: Investing.com