The US government recorded a record-breaking budget deficit of $367 billion in November, up 17% from the same period last year. The Treasury Department attributed this increase to calendar adjustments that boosted outlays by $80 billion due to the acceleration of December payments for Medicare and Social Security programs into November.
Without these adjustments, the deficit would have been about $29 billion, a decline of 9% compared to the previous year. This marked a record high for November, with receipts up 10% to $302 billion and outlays up 14% to $669 billion.
The first two months of the 2025 fiscal year also saw a record-high deficit of $624 billion, increasing by 64% from the same period last year. Calendar-related benefit shifts and higher receipts in October and November contributed to this surge. Year-to-date receipts were down 7% to $629 billion, while outlays increased by 18% to $1.253 trillion.
The increase in Department of Homeland Security spending was largely due to Federal Emergency Management Agency spending related to recent hurricanes. However, the Treasury’s interest cost on public debt remained flat at $169 billion despite a $7 billion increase for November.
Source: https://www.staradvertiser.com/2024/12/11/breaking-news/federal-government-budget-deficit-climbs-to-367b