US budget deficit reaches highest level since March

The US federal government’s budget deficit increased by 26 percent in November compared to the same month last year, reaching $314 billion. The deficit reached its highest level since March. The US Treasury Department released its budget balance report for November. Accordingly, the federal government’s budget deficit for the 2024 fiscal year, which started on October 1, 2023 and ends on September 30, 2024, was calculated as $314 billion. The federal government had a budget deficit of $249 billion in the same month last year. Thus, the budget deficit increased by 26 percent in November compared to the same month last year. During this period, market expectations for the budget balance were for the budget to run a deficit of $301.1 billion in November. The budget deficit broke a record for November due to high interest costs and other expenditures, and reached its highest level since March. Government revenues increased by 9 percent in November compared to the same month last year, reaching $275 billion, while expenditures increased by 18 percent, to $589 billion. 13 percent increase in two-month budget deficit As of November, the second month of the 2024 fiscal year, the country’s total budget deficit increased by 13 percent compared to the same period last year, reaching $381 billion. The deficit was $336 billion in the same period last year. Expenditures in the first two months of the fiscal year increased by 17 percent compared to the same period last year, reaching $1.1 trillion, while revenues increased by nearly 19 percent, to $678 billion. The U.S. budget deficit increased by 23 percent in fiscal 2023 compared to the previous year, reaching $1.7 trillion.