US Budget Deficit Reaches Record High in November

The U.S. budget deficit increased significantly in November, reaching $367 billion, a 17% rise compared to the previous year, driven largely by accelerated Medicare and Social Security payments that added about $80 billion to outlays. The Treasury Department reported that total receipts were $302 billion, marking a 10% increase, while total outlays surged to $669 billion, a 14% increase. The deficit for the first two months of fiscal 2025 also hit a record $624 billion, up 64% from the same period last year, largely due to calendar-related adjustments and increased spending on health and defense. Without the payment shifts, the deficit could have been around $29 billion lower. Year-to-date receipts fell 7% to $629 billion, while outlays rose 18% to $1.253 trillion, reflecting ongoing fiscal challenges. The national debt reached $36.1 trillion as a result of the escalating deficits.