The US Has Posted The Widest November Budget Deficit On Record

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Federal spending for November doubled the month's revenues, according to Bloomberg News.

The federal government’s budget deficit for November was the biggest on record, Bloomberg reported on Thursday, with spending two times as high as revenues.

Outlays jumped 18 percent to $411 billion last month, while receipts were little changed at $206 billion, the Treasury Department said in a monthly report on Thursday. That left a $205 billion shortfall, compared with a $139 billion gap a year earlier.

The U.S. ran the largest deficit in six years in fiscal 2018, the first full year of Donald Trump’s presidency when his Republican party enacted a tax-cut package and raised federal spending for the military and other priorities. The measures have added to the growing federal deficit, which is forecast to push past $1 trillion by 2020 when the U.S. next holds presidential elections.

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