For the month, the deficit totaled $366.8 billion, 17% higher than November 2023
The U.S. budget deficit swelled in November, putting fiscal 2025 already at a much faster pace than a year ago when the shortfall topped $1.8 trillion, the Treasury Department reported Wednesday.
and taking the total for the first two months of the fiscal year more than 64% higher than the same period a year ago on an unadjusted basis. The increase came despite receipts that totaled $301.8 billion, about $27 billion more than last November. Outlays totaled $668.5 billion, or nearly $80 billion more from a year ago.On an adjusted basis, the deficit was $286 billion and has totaled $544 billion year to date, an increase of 19%.
Though the Fed has enacted two rate cuts since September totaling three quarters of a percentage point, interest expenses continue to be a big contributor to the deficit. Net interest expenses totaled $79 billion on the month and are now at $160 billion for the fiscal year, outpacing all other outlays except Social Security, Medicare, defense and healthcare.
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