The US budget deficit jumped last November by $57 billion, or 30 percent, on an annual basis, to reach $249 billion, setting a record for the month, in light of lower revenues and a sharp rise in spending on education, health care and interest on public debt, according to what she announced. US Treasury.
Revenues fell 10 percent in November, or $29 billion, compared to their level a year earlier, to $252 billion, while expenses rose six percent, or $28 billion, to $501 billion, a record for the month as well.
The decline in revenue was led by a 4 percent drop in at-source tax revenue for individuals, a 64 percent rise in tax refunds for individuals, and a 98 percent drop in Federal Reserve revenue.
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