US November Deficit Rises Sharply as Revenues Fall, Outlays Jump
WASHINGTON—The November U.S. budget deficit jumped by $57 billion or 30 percent from a year earlier to $249 billion, a record for the month, as revenues fell and outlays for education, healthcare, and interest on the public debt rose sharply, the U.S. Treasury said on Monday.
Receipts for November fell 10 percent or $29 billion from a year earlier to $252 billion, while outlays rose 6 percent or $28 billion to $501 billion, also a November record.
Driving the revenue decline was a 4 percent drop in individual withheld tax receipts, a 64 percent increase in individual tax refunds, and a 98 percent decline in Federal Reserve earnings.
The outlays were driven by a $14 billion, or 18 percent increase in Medicare costs, and an $11 billion, or 94 percent increase in education costs due to changes in direct student loan programs and public service loan forgiveness, a Treasury official said….