Official announcements from the U.S. Treasury Department or White House

U.S. November Budget Deficit Soars to Record $367 Billion, Fiscal 2025 Deficit Up 64%

Dec 11, 2024, 07:04 PM

The U.S. federal budget deficit for November 2024 reached a record high of $367 billion, surpassing expectations of $353 billion. This figure represents a 17% increase from the previous year, driven by a significant rise in government outlays to $669 billion, compared to receipts of $302 billion. The deficit for the first two months of fiscal year 2025 has already ballooned to $624 billion, marking a 64% increase over the same period in the previous fiscal year. Factors contributing to the deficit include higher spending on health, defense, and Social Security, as well as calendar adjustments for benefit payments. The Treasury Department noted that November's receipts, outlays, and deficit were all record highs for that month. Additionally, 55 cents of every dollar spent by the government in November was borrowed.