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.