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

    If they're worried about the deficit they should make the people with all of the money give some of it up.

    Instead they're, once again, changing it so the people with all the money get to keep it and they continue to struggle how to get a bunch of money from people who don't have any.

    The solution is right there if anybody wants to solve it, it's just their entire lives revolve around not doing that.