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

The U.S. government is already $381 billion in the hole in fiscal year 2024.

Department of Treasury building in Washington, on April 10, 2023. Madalina Vasiliu/The Epoch Times

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).