The U.S. federal budget deficit jumped 26% in November from a year earlier to $314 billion, a record for the month and the highest since March, the Treasury Department said on Tuesday, driven by sharply higher interest costs and other outlays.

Federal revenues in November rose $23 billion to $275 billion, a 9% increase from a year earlier.

Outlays jumped $88 billion to $589 billion, 18% higher than a year earlier. Interest payments on U.S. government debt accounted for $25 billion of the increase.

The outlay for interest on the debt in November, at $80 billion, surpassed the $66 billion outlay for national defense, which was up $8 billion from a year earlier. The outlay for the government-run Medicare health insurance program also rose by $8 billion, to $93 billion, while the outlay for the government-run Medicaid program for the poor and disabled climbed $2 billion to $50 billion.

TFW your interest payments approach medicare spending

The weighted average interest rate on the $26 trillion of outstanding Treasury securities rose to 3.10% last month from 2.22% in November of last year.

Seems nice in pflp-octoplushie sense, if fed won't drop interest rates in the next year, libertarian bugbear about deficits will come closer to fruition

  • Adkml [he/him]
    ·
    1 year ago

    Good thing we're once again blowing a massive hole in it by getting rid of inheritance taxes.

    Billionaires children will become billionaires ant birth and never even have to pay a shatlre of their unearned millions. They'll just get more money than most people have in a lifetime and then hoard it for their entire lives.

    Really hard to take concerns about the deffecit seriously when the people bitching about it also all agree rich people don't have to pay taxes.