US Budget Deficit Hits Record for November Month

The US government budget deficit went up to USD 205 billion in November 2018 from USD 139 billion in the same month of the previous year, above market expectations of USD 188 billion. It is the widest budget gap on record for a November month, as spending surged 18.4 percent to USD 411 billion while revenues fell 1.2 percent to USD 206 billion.

Outlays increased 18.4 percent from a year earlier and totaled USD 411 billion, as social security accounted for USD 84 billion, Medicare for USD 77 billion, defense for USD 62 billion, income security for USD 46 billion, health for USD 42 billion, net interest for USD 33 billion, veterans' benefits and services for USD 26 billion, transportation and education for USD 8 billion each and other expenses for USD 26 billion.

Meanwhile, receipts fell 1.2 percent to USD 206 billion, as individual income taxes accounted for USD 93 billion, social security and other payroll taxes for USD 93 billion, excise taxes for USD 8 billion, custom duties for USD 6 billion, miscellaneous receipts for USD 6 billion and estate gift taxes for USD 1 billion. Meantime, corporate income taxes represented USD -2 billion.

In the first two months of the fiscal year that began on October 1st, the budget gap widened by 51 percent to USD 305.4 billion compared to USD 201.8 billion the same period a year earlier.

US Budget Deficit Hits Record for November Month

US Treasury | Luisa Carvalho |
12/14/2018 12:03:17 PM