US Posts $314 Billion Budget Deficit in November as Spending Surges 17 Percent

The U.S. government recorded a larger-than-expected budget deficit of $314 billion in November, up 26 percent from the same time a year ago, and higher than the October shortfall of $67 billion, according to new Treasury Department data. Last month, total outlays were $589 billion, up 17 percent from the same time a year ago. The increase in federal spending was driven by Social Security ($116 billion), Medicare ($79 billion), and national defense $70 billion). Net interest payments were the fourth-largest budget item, reaching $72 billion. Total receipts were $275 billion, with individual income taxes and social insurance and retirement revenues accounting for most of the government’s coffers in November. Revenues climbed 9 percent year over year....