Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Investing

US budget deficit climbs to $367 billion in November on calendar payment shifts

By David Lawder

WASHINGTON (Reuters) -The U.S. government posted a $367 billion budget deficit for November, up 17% from a year earlier, as calendar adjustments for benefit payments boosted outlays by some $80 billion compared to the same month in 2023, the Treasury Department said on Wednesday.

The Treasury Department said that without the acceleration of December payments for the Medicare and Social Security programs into November, the deficit last month would have been about $29 billion, or 9% lower than last year.

The health care and pension programs for seniors are two of the government’s largest expenditure items.

But as reported, the November deficit was a record high for that month. Receipts and outlays also were record highs for the month of November, with receipts up 10% to $302 billion, and outlays up 14% to $669 billion.

The deficit for the first two months of the 2025 fiscal year also was a record high for that period – higher than the deficits of the COVID-19 era – reaching $624 billion, up $244 billion, or 64%, from the same period a year earlier. The government’s fiscal year starts on Oct. 1.

Those deficits were also inflated by calendar-related benefit shifts as well as higher receipts in October and November of 2023 due to the expiration of tax payment deferrals tied to California wildfires and other weather-related disasters that year.

Year-to-date receipts as reported were down 7% from a year earlier to $629 billion, while year-to-date outlays were up 18% to $1.253 trillion.

The outlays for the first two months of the fiscal year included a $4 billion, or 30%, increase in Department of Homeland Security spending to $19 billion, largely reflecting Federal Emergency Management Agency spending related to recent hurricanes.

But the Treasury’s interest cost on public debt for the fiscal year’s first two months was flat at $169 billion, despite a $7 billion increase for November.

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com