U.S. Ran $139 Billion Deficit In November -- Update
December 12 2017 - 2:55PM
Dow Jones News
By Kate Davidson
WASHINGTON -- The federal budget deficit widened slightly in
November as government spending exceeded tax collections, the
Treasury Department said Tuesday.
The budget shortfall rose to $139 billion last month, compared
with a $137 billion deficit in November 2016, Treasury said. That
tracks with an estimate from the Congressional Budget Office, which
had predicted a $134 billion deficit last month.
Receipts rose 4% while outlays grew 3% last month compared with
the same period a year earlier. But overall spending was still
greater than what the government collected in revenues, due in part
to higher interest costs on government debt and a surge in spending
on disaster relief spending by the Department of Homeland Security,
the CBO said.
Through the first two months of the fiscal year, which began
Oct. 1, the overall budget gap was about 11% larger compared with
the same period a year earlier, Treasury said.
Declining government revenues and long-term costs associated
with an aging population, including higher Social Security and
Medicare spending, are expected to continue pushing up deficits
over the coming decades.
The latest figures come as lawmakers near completion on a major
tax code overhaul that nonpartisan scorekeepers in Congress say
would add roughly $1 trillion to the deficit over the next decade.
Congressional leaders are also working on a two-year budget
agreement with President Donald Trump that would raise spending
above the levels, known as the sequester, established in a 2011
budget fight. Deficit hawks warn the move would worsen the
country's long-term debt trajectory.
As a percentage of gross domestic product, the deficit totaled
3.5% in fiscal year 2017, up from 3.2% in fiscal year 2016,
Treasury said last month.
Write to Kate Davidson at kate.davidson@wsj.com
(END) Dow Jones Newswires
December 12, 2017 14:40 ET (19:40 GMT)
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