The US budget deficit rose sharply in November, reaching a record high of $366.8 billion, 17% higher than the same period last year. The Treasury Department reported that outlays increased by nearly $80 billion to $668.5 billion, driven largely by interest expenses.
Despite strong tax receipts, totaling $301.8 billion, the increase in red ink was partly due to the continued dominance of interest expenses, which now total $160 billion for the fiscal year. The national debt now stands at $36.1 trillion, with interest payments expected to reach a staggering $1.2 trillion this year.
The Fed’s rate cuts since September have had limited impact on reducing the deficit, highlighting the need for further measures to address the growing debt burden. On an adjusted basis, the deficit is 19% higher than last year, with the national debt continuing to climb at a rapid pace.
Source: https://www.cnbc.com/2024/12/11/budget-deficit-swells-in-november-pushing-fiscal-2025-shortfall-64percent-higher-than-a-year-ago.html